India's Bharti agrees to buy smaller telecoms carrier Loop's operations

NEW DELHI Tue Feb 18, 2014 9:42am IST

Stocks

   

NEW DELHI Feb 18 (Reuters) - Bharti Airtel Ltd, 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 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. ($1 = 61.9350 Indian rupees) (Reporting by Devidutta Tripathy; Editing by Edwina Gibbs)

  • Most Popular
  • Most Shared

Record Deal

REUTERS SHOWCASE

Coal Industry

Coal Industry

India to allow foreign firms mine and sell coal - coal secretary.  Full Article | Related Story 

Ranbaxy in U.S.

Ranbaxy in U.S.

U.S. court overturns bid by Ranbaxy to block launch of rival generic drugs.  Full Article 

Edible Oil

Edible Oil

Indians get taste for branded edible oil as prices drop, incomes rise.  Full Article 

Financial Tech CEO

Financial Tech CEO

Financial Tech founder steps down as CEO   Full Article 

Canpotex Deal

Canpotex Deal

Canpotex signs potash sales deals to India  Full Article 

Tech Acquisition

Tech Acquisition

Tech Mahindra to buy U.S.-based network services operator for $240 million   Full Article 

Fired for Overbilling

Fired for Overbilling

Infosys unit's overbilling Apple led to exit of top execs - sources.  Full Article 

Real Estate Investment

Real Estate Investment

JM Financial subsidiary gets $87 mln from Vikram Pandit-led fund  Full Article 

Reuters India Mobile

Reuters India Mobile

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