Airtel has reportedly abandoned its planned acquisition of Loop Mobile after failing to receive approval for the deal from India’s Department of Telecommunications.
The deal has been awaiting a regulatory greenlight since March, and evidently Airtel has lost patience.
Scrapping the deal creates a precarious situation for Loop and its subscribers, as the Mumbai-based operator’s licence expires at the end of November. Last month, it attempted to speed up the process by cutting its infrastructure from the agreement and including only its 3 million subscribers.
Evidently, this move was ineffective, and Loop’s subscribers will have to find a new provider in the face of its licence expiring.
