Loop Mobile is attempting to rescue its proposed deal with Bharti Airtel by cutting its assets from the agreement in the hopes of speeding up the approval process.
The deal, which would have resulted in the creation of the largest operator in Mumbai, was originally supposed to cover the transfer of Loop’s subscribers and network assets to Bharti Airtel.
However, the slow response from the Indian Department of Telecommunications has prompted the Mumbai-based operator to slim down the package in an attempt to hurry along the sluggish approval proceedings.
While Bharti Airtel’s proposed acquisition of Loop was first announced in February this year, the approval process has dragged to the point that there is no longer enough time for assets to be covered by the deal before Loop’s Mumbai licence expires on 29 November.
Loop only provides services in Mumbai, and has around 3 million subscribers. Adding this number to Bharti Airtel’s 4 million in the city would create Mumbai’s largest operator.