Telenor ASA has on 23 February 2017 entered into a definitive agreement with Bharti Airtel Limited (Airtel), whereby Airtel will take full ownership of Telenor India. The move forced rivals -- desperate to maintain market share -- to slash their tariffs and scrambling to match the deep pockets of Jio, which is backed by Ambani's vast energy-to-chemicals conglomerate Reliance Industries . " The proposed acquisition will include transfer of all of Telenor India's assets and customers, further augmenting Airtel's overall base and network, " the Indian firm said in the statement. " We believe today’s agreement is in the best interest of our customers, employees and Telenor Group . Finding a long term solution to our India business has been a priority for us, and we are pleased with our agreement with Airtel . The decision to exit India has not been taken lightly. After thorough consideration, it is our view that the significant investment...