Bharti to buy Loop Mobile in $113 million deal: Reports

Tags: Companies
India's top cellular carrier Bharti Airtel Ltd will acquire Loop Mobile in a Rs 7 billion deal that may be announced this week, a business daily newspaper reported on Monday.

The deal will be on a slump sale basis, the paper said, quoting sources involved in the deal, and Bharti will get Loop's 3 million subscribers, about 400 telecom towers and optic fibre and electronic equipment on which Loop's network currently runs, a business daily newspaper said.

The deal will make Bharti the largest telecoms operator in the Mumbai circle with about 7 million subscribers, ahead of rival Vodafone's Indian unit.

A Bharti spokesman declined to comment. Loop did not have an immediate comment.

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