In a chat with ET Now Former CEO,says spectrum is one of the reasons for the deal because Telenor has the better 1800 megahertz spectrum with it.Edited excerpts:First of all, the order of the day is very clear that the market is consolidating, the industry is consolidating big time and it is the few players in the market, two or three, who are really going to dominate the strategy going forward in such a market. And yes, spectrum is a very important raw material and this industry, which is exceedingly spectrum hungry, needs to be consolidated.We all know that larger blocks of telecom are more potent and effective than smaller blocks of spectrum. So if that is true then spectrum is one of the reasons because Telenor has the better 1800 megahertz spectrum with it. Their customers at the bottom end may not create a lot of stickiness because they are not really data users and the game going forward is all about data. Putting together these players and actually going ahead with a larger entity makes a lot more sense to combat a Voda-Idea to combat the onslaughts from Jio and actually it is a game of three it clearly seems now in the market.With Reliance Jio coming into the market, the incumbent operators have to give up some bit because the initial customers are not going to come from an additional market but , both customers and revenues are going to be from their existing bases.With this move Airtel which is the market leader with almost 32-33% market share will beef up its share a little more, its revenues a little more, its customer base a little more. Even if dilution happens, they will still maintain their 32-33%. So, from that perspective to fortify their position it seems like a very natural move.Yes, that is absolutely true because the top end of the market contributes disproportionately to both the top line and bottom line and when there is a capping or a benchmark or a threshold, that gets set for that customer base when everybody brings down the table.If the table comes down, then the most profitable customers become not that profitable and therefore that puts a huge amount of stress on every metrics of the organisation. That is the fear for now. From an overall industry perspective, it seems that the industry is not going to look good in the next few quarters, maybe a couple of years till there is real semblance and three players have now settled down on an equilibrium where they believe that they have the desired customer base and market shares that they aimed for.We always think it will happen but there is some disruption that happens. To my view I think these are the final steps of disruptions because you are not going to be able to shrink this market to less than three and there are three big relevant players. I am also worried about BSNL, MTNL , to say where do they stand in all this because they will get marginalised also by these biggies in the market place.