The Department of Telecommunications (DoT) is currently processing approvals required for Bharti Airtel?s deal to acquire Loop Mobile. The process is being expedited to ensure that Loop Mobile is able to pay dues to the order of Rs 6.82 billion, which its owes to the government.
Under this deal, Loop will transfer 3 million subscribers and 2,500 cell sites to Bharti Airtel. Loop is expected to receive a total payment of Rs 7 billion from the deal. The deal needs approvals from DoT as the proceeds from the deal are likely to be used to repay the company?s loans and statuary dues, as well as pay off creditors.
