Bharti Airtel signs definitive agreement with Loop Mobile

After India’s largest telecom company, Bharti Airtel, signed a definitive agreement with Loop Mobile to create Mumbai’s largest mobile network, the shares of the former have started soaring.

Bharti Airtel's stock touched a high of Rs.342.6 in opening trade at the BSE, increasing by more than 1%. However, it pared most of the early gains in a weak overall market and was trading 0.1 per cent up at Rs.338.65 in mid-day trade.

As per sources, the company said that it has now signed a definitive agreement with Loop Mobile (India) Limited in this regard. Under the agreement, Loop's 3 million subscribers in Mumbai will join Airtel's over 4 million subscribers. It will also bring together Loop Mobile's network supported by 2,500-plus cell sites and Airtel's network supported by over 4,000 cell sites across Mumbai.