India s Bharti Airtel is reportedly close to announcing a deal to buy Mumbai based Loop Mobile bringing to an end over a year of speculation about the future of the smaller mobile network
Dubai-based IP Khaitan owns the Mumbai based mobile network and has long been said to be looking for a buyer.
Citing unnamed sources, the Economic Times said that a deal worth around Rs 700 crore, including some Rs 400 crore of debt is likely to be announced within a few days following the latest round of talks between the two companies.
The move is a turn around, as last September, Bharti Airtel denied that it was interested in buying the company.
Although Loop Mobile is the dominant operator in Mumbai with around 3 million customers, it has limited coverage outside the region.
The deal would be primarily a customer base and infrastructure one as Loop Mobile's licenses expire later this year, and it did not win replacement spectrum in the recently concluded auction.
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