Loop Mobile sale attracts Telenor?
India’s Loop Mobile has reportedly been put up for sale and attracted interest from Norwegian carrier Telenor.
Loop has three million customers and is Mumbai’s fifth largest operator; its main shareholders Kiran Khaitan and her husband IP Khaitan are looking at a valuation of $450 million, according to India’s Economic Times.
The operator has selected Standard Chartered as an advisor for the sale, with its promoters wanting to exit the telecoms market, according to sources speaking to the publication.
When questioned about the information a Loop Mobile spokesperson denied the company was up for sale. Telenor said that it could not comment on speculation.
Loop Mobile’s sister company Loop Telecom held permits in the 21 remaining Indian telecoms circles but these were cancelled following a decision by the Indian Surpreme Court in February.
The company is not participating in India’s upcoming 2G auction to renew the licences.