Airtel signs definitive agreement with Loop Mobile

Tags: Companies
Telecom major Bharti Airtel has signed a definitive agreement with Loop Mobile to acquire the latter's operations in Mumbai.

The company had in February announced that it would buy the business and assets of Loop Mobile in Mumbai under a strategic agreement.

The company, however, is yet to get the regulatory approvals for the agreement.

"With reference to the earlier announcement dated February 18, 2014 titled 'Airtel and Loop Mobile announce agreement to create Mumbai's largest mobile network', Bharti Airtel Ltd has now informed the BSE that the Company has signed the definitive agreement with Loop Mobile (India) Limited," Airtel said in a filing to the BSE.

As per market estimates, the agreement is worth Rs 700 crore though the company did not disclose the size of the deal.

Under the agreement, Loop Mobile's 3 million subscribers in Mumbai will join Airtel's over 4 million subscribers, making it the largest network in the metropolitan city.

Loop Mobile's 2G-enabled network supported by 2,500 plus cell sites have also become part of Airtel's network which has over 4,000 cell sites at present.

The agreement will ensure continuity of services to the subscribers of Loop Mobile, whose licence is expiring in November this year, with an option to access Airtel's services.

EDITORIAL OF THE DAY

  • India seems to pull out all stops when it comes to non-war measures against Pakistan

    After a decision to fully exercise its rights on the Indus water treaty, Narendra Modi government opened another front to hit at Pakistan’s economic

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

M S Swaminathan

Strategy for freedom from malnutrition

There is now a growing realisation that linking agriculture and ...

Zehra Naqvi

The fountain of eternal youth

The pursuit of eternal youth is a multi-billion dollar industry ...

Shona Adhikari

Where Bhupen Khakhar rubs shoulders with Georgia O'Keeffe

The next India Art Fair (IAF) is scheduled to take ...