Bharti Airtel to buy Loop Mobile for Rs. 700 crore

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India’s top cellular carrier Bharti Airtel will acquire Loop Mobile in a Rs. 700 crore deal that may be announced this week.

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 deal will make Bharti 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.