Japanese telecom gaint Softbank recorded a loss of $350 million for last nine months of 2016 in the fair value of the Company’s investments in India. The loss comes on top of a $555 million writedown on the value of Softbank’s India portfolio in the six-month period ending September 2016. “With reference to the current markdown, portfolio…
In an aim to strengthen its presence in Indian metros, Airtel has acquired Loop Mobile.
“Airtel, a leading global telecommunications services provider in India and Loop Mobile today announced a strategic agreement for their operations in Mumbai (India) service area,” Airtel said in a release.
The proposed association will undergo seamless integration once definitive agreements are signed, and is subject to regulatory and statutory approvals.
Under the agreement, Loop Mobile’s 3 million subscribers in Mumbai will join Airtel’s over 4 million subscribers, creating an unmatched mobile network in Mumbai.
The proposed transaction will bring together Loop Mobile’s 2G/EDGE enabled network supported by 2,500 plus cell sites, and Airtel’s 2G and 3G network supported by over 4000 cell sites across Mumbai. It will also offer subscribers the widest exclusive retail reach with 220 outlets that will enable best-in-class customer service.
The agreement will ensure continuity of quality services to Loop Mobile’s subscribers, while offering them the added benefits of Airtel’s innovative product portfolio, and access to superior services, innovative products like 3G, 4G, airtel money, VAS and domestic/international roaming facilities.
Loop Mobile subscribers will become part of Airtel’s global network that serves over 289 million customers in 20 countries. Globally, Airtel is ranked as the fourth largest mobile services provider in terms of subscribers.