Bharti Airtel to buy Loop Mobile biz for Rs 700 crore

Telecom major Bharti Airtel today announced to buy business and assets of Loop Mobile in Mumbai under a strategic agreement.

The company did not disclose the size of deal but sources close to the agreement said it is for about Rs 700 crore.

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

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

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

Sources added that under the agreement, Airtel will not acquire employees of Loop Mobile. Status of Loop's employees could not be immediately ascertained.

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E-mail ID will not be published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

  • Tighter disclosure norms will help public shareholders

    The Securities and Exchange Board of India (Sebi) has proposed changes in listing agreements between companies and stock exchanges, laying down manage

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

COLUMNIST

Arun Nigavekar

Why UGC must focus on quality

In a vast country like India, where there are pressures ...

Rajgopal Nidamboor

The sum total of our conscious experience

All of us epitomise a multiplicity of conscious thoughts. This ...

Gautam Gupta

Don’t let success kill the essence of the concept

In 1999 when my mother started her own label, we ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture