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Airtel abandons Loop acquisition

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.

 

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