Bharti agrees to acquire smaller rival Loop Mobile

NEW DELHI Tue Feb 18, 2014 9:46am IST

Men make phone calls as they sit on a railing with Bharti Airtel billboards installed on it, along a sidewalk in Kolkata February 1, 2013. REUTERS/Rupak De Chowdhuri/Files

Men make phone calls as they sit on a railing with Bharti Airtel billboards installed on it, along a sidewalk in Kolkata February 1, 2013.

Credit: Reuters/Rupak De Chowdhuri/Files

Related Topics

Stocks

   

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

GDP Preview

GDP Preview

Indian economy warms in after-glow of Modi's triumph   Full Article 

Pharma Sector

Pharma Sector

In race for bigger margins, drug makers willing to lose the India "advantage".  Full Article 

Markets This Month

Markets This Month

Tata Motors, M&M top Sensex gainers  Full Article 

Jan Dhan Yojna

Jan Dhan Yojna

Modi: Banking for all to end "financial untouchability".  Full Article 

Reuters Poll

Reuters Poll

Economy likely grew faster in June quarter  Full Article 

Tracking Monsoon

Tracking Monsoon

Monsoon forecast to be better for crops next week  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage