Vodafone eyes Loop Mobile acquisition
14 January 2014 |
British telecoms group Vodafone is looking at the potential acquisition of Indian mobile operator Loop Mobile, according to local reports.
Sources claim that Vodafone is in discussions with India’s Khaitan Group, which has owned Loop Mobile since 2005.
The family-run Khaitan Group has been looking to sell the mobile operator for some time, and it is expected to be valued at $500 million.
Loop Mobile is active in the 900MHz spectrum band, but its licences will expire in September this year. Sources have said that a deal with Vodafone is based largely on the ability to renew these licences.
A successful deal would boost Vodafone’s presence in Mumbai and follows reports last year that the British company was increasing its investment in the country.
A spokesperson for Loop Mobile has reportedly described the reports of a deal as “speculation”, but the company is thought to be exploring licence-renewal options.
Vodafone has not commented on the reports.