Bharti Airtel to buy Loop Mobile for Rs 700 crore: report

India's top cellular carrier Bharti Airtel will acquire Loop Mobile in a Rs 700 crore deal that may be announced this week, Indian newspapers 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 newspaper said.

The deal will make Bharti the largest telecom 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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