India's top cellular carrier Bharti Airtel Ltd will acquire Loop Mobile in a Rs 700-crore deal that may be announced this week, newspapers reported on Monday (17 February).
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 Indian unit.
A Bharti spokesman declined to comment. Loop did not have an immediate comment.
Loop Mobile has debt of Rs 400 crore, which is likely to be included in final deal size.
Loop holds 8 megahertz of spectrum in the premium 900 MHz band.