Airtel signs definitive agreement with Loop Mobile

Telecom major Bharti Airtel has signed a definitive agreement with Loop Mobile to acquire

RELATED ARTICLES

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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • India must take the UN’s lead in recognising gay rights

    In what has by now become a matter of course, our judiciary again demonstrated that it is miles ahead of our government in terms of staying in tune wi

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

Today's Columns

Urs Schoettli

Lee’s legacy will always guide Singapore

LEE Kuan Yew, the father of modern Singapore, died last ...

Rajgopal Nidamboor

Forget the past and embrace the present

It is all right to believe that one should always ...

Bubbles Sabharwal

Relationships and bitter realities

It’s a tangled web we spin The relationships we make, break ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture