Bharti to Buy Loop Mobile in $113 Million Deal - Reports

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February 17, 2014 3:15 PM EST

 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.

REUTERS
From June 28 onwards, free Wi-Fi available for passengers commuting in Easy Cabs

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.

(Photo: REUTERS / )
From June 28 onwards, free Wi-Fi available for passengers commuting in Easy Cabs
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