Airtel to buy Loop, Mumbai for 700 crores

airtel_4g_on_mobile_bangalore

Airtel, almost the largest mobile telecom operator in India, has reached conclusions in talks with Loop mobiles for a 700 crore buy out, sources say. Loop mobile offers services only in Mumbai area with about 30 lakh customers. Airtel will now be the market leader in Mumbai with a tally of over 70 lakh customers. Vodafone would be the closest rival with just a little less numbers than 70 lakhs. Airtel’s buyout offer will include Loop’s 400 crore debt as well. Airtel has bought 900MHz frequency in the just concluded auction in Mumbai area for 2,800 crores.

The deal is yet to be announced by either of the companies.

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