Telecom major Bharti Airtel today announced that it has reached a strategic agreement with Loop Mobile under which Airtel will buy business and assets of Loop Mobile in Mumbai. The company did not reveal the financial aspects of the deal but sources in the know how of the matter claimed that the deal is worth at least Rs 700 crore.
Bharti Airtel said in a statement that under the agreement, 3 million subscribers of Loop Mobile in Mumbai will join over 4 million subscribers of Airtel.
The deal will make Airtel the largest telecom network provider in the financial capital of India.
Under the deal, the 2G-enabled network of Loop Mobile supported by 2,500 plus cell sites will also become part of network run by Airtel. According to the company, currently it has over 4,000 cell sites.
The agreement will come as a good news for Loop Mobile subscribers, whose licence was expiring in November, as their service will now continue as normal. Sources added that Airtel has not agreed to acquire Loop Mobile employee. No confirmation about the status of Loop's employees has been revealed yet by the company.
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