Bharti Airtel had planned to buy Loop’s assets in February, but the deal did not get regulatory approvals. Bharti Airtel Ltd abandoned its `700 crore plan to buy Loop Telecom for its Mumbai operations after the country’s largest telecom operator failed to secure regulatory approval for the acquisition, a situation that prompted most of Loop’s mobile phone subscribers, the company’s most valuable asset, to desert the network.
“It seems like Bharti’s dream to be the largest network in the metropolitan city is likely to remain a dream for some more time,” said Sanchit Vir Gogia, founder and chief executive officer of Greyhound Research, said. “Loop is going to face choppy times ahead with heavy debts to clear with Indian banks.”
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