Bharti Airtel to acquire Loop Mobile for Rs 700 crore: reports

Bharti Airtel to acquire Loop Mobile for Rs 700 crore: reports

India's leading mobile phone carrier Bharti Airtel Ltd is going to acquire Loop Mobile in a deal worth Rs 700 crore, and the deal may officially be announced as soon as this week, emerging reports suggest.

Several local newspapers have reported that Airtel will acquire Loop's nearly 400 telecom towers along with optic fibre and electronic equipment, which is currently used by Loop to run its network.

Sources privy to the acquisition talks said that the Sunil Bharti Mittal-led carrier has almost completed the agreement with Loop Mobile and the announcement for the same could be made in a couple of days.

The reports also suggest that India's top cellular carrier will also gain Loop's nearly 3 million subscribers.

It is reportedly going to be a slump sale-based deal. It will make Airtel the biggest telecom operator in the Mumbai circle with more than 7 million subscribers, ahead of rival carrier Vodafone India.

A spokesman for Airtel, which acquired 900 MHz band spectrum for the Mumbai circle in the just-concluded auction, declined to comment on reports about the acquisition deal.

Stock in Bharti Airtel was trading 0.52 per cent higher at Rs 306.80 a share at 10:08am on Monday, while the benchmark Sensex was trading at a gain of 0.33 per cent at 20,433.32 points.

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