Bharti agrees to acquire smaller rival Loop Mobile
NEW DELHI (Reuters) - Bharti Airtel Ltd(BRTI.NS), India's top telecommunications carrier, said on Tuesday it had agreed to acquire smaller rival Loop Mobile - the first merger in the country's crowded telecoms market in nearly six years.
Bharti did not say how much it was paying for the assets of Loop Mobile, which operates only in the financial capital Mumbai. Sources said on Monday that Bharti would pay 3 billion rupees and take on 4 billion rupees of debt held by Loop.
The deal would take Bharti's total customers in Mumbai to more than 7 million, helping it surpass Vodafone (VOD.L) by customer numbers in the city, though its market share by revenue for Mumbai would still lag Vodafone.
Bharti said in a statement the companies were yet to sign a definitive agreement and that the deal was subject to regulatory approval.
(Reporting by Devidutta Tripathy; Editing by Edwina Gibbs)
- Tweet this
- Share this
- Digg this
- China not warlike, says Xi, as border standoff dominates India trip
- Scots vote on independence, United Kingdom's fate on knife-edge
- Islamic State releases video it says shows British journalist John Cantlie
- Jailed Fatah leader lauds Gaza 'victory', urges confrontation with Israel
- International country music singer George Hamilton IV dies at 77
China is not a warlike nation, President Xi Jinping said on Thursday, during a rare trip to neighbour India that was dominated by a standoff on a barren Himalayan plateau between soldiers from the world's two most populous nations. Full Article | Slideshow