Bharti to buy Loop Mobile in $113 million deal - reports
MUMBAI (Reuters) - India's top cellular carrier Bharti Airtel Ltd(BRTI.NS) will acquire Loop Mobile in a 7-billion-rupee 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, the Economic Times said.
The deal will make Bharti the largest telecoms operator in the Mumbai circle with about 7 million subscribers, ahead of rival Vodafone's (VOD.L) Indian unit.
A Bharti spokesman declined to comment. Loop did not have an immediate comment.
(Reporting by Prashant Mehra; Editing by Sunil Nair)
- Tweet this
- Share this
- Digg this
- UPDATE 3-Avalanche kills at least 12 guides in deadliest incident on Mount Everest
- UPDATE 10-Vice-principal of South Korea school in ferry disaster commits suicide
- Mediterranean diet may slow diabetes progression
- UPDATE 5-U.S. further delays final decision on Keystone XL pipeline
- India passes halfway mark in election with BJP gaining strength
Nitin Gadkari, former president of the Bharatiya Janata Party and a member of the BJP’s manifesto committee, speaks to Reuters. Here are the edited excerpts. Full Article
Turning smog into jewels - a Dutch designer's solution to Beijing's pollution. Video