Airtel may announce Loop Mobile acquisition in next two days.

Bharti Airtel set to acquire Loop Mobile in a Rs. 700-crore deal that may be announced as early as this week in what will be the first consolidation move in the country's telecom industry since 2008, taking India's biggest operator to the top spot in Mumbai, three people involved in the deal told ET.

The deal will be via a slump sale, in which one or more undertakings are transferred for a lump sum, without values being assigned to individual assets and liabilities, the three people said. Kotak Mahindra Investment Bank is the sole advisor for the transaction, running the sale process, they said. There is no banker involved on behalf of Bharti Airtel.

ET