Bharti Airtel set to buy Loop Mobile in $113 million deal

Bharti Airtel, India's top cellular carrier, is set to acquire Loop Mobile in a Rs 7-billion deal that may be announced this week.

According to a report in leading business daily The Economic Times, the deal will be on a slump sale basis.

Quoting sources involved in the deal, the report said Bharti Airtel 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 deal will make Bharti Airtel the largest telecom 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.

(Reuters)