Bharti Airtel calls off Rs. 700 cr deal to acquire Loop Mobile.

Telecom major Bharti Airtel has called off its plans to acquire business and assets of Mumbai based Loop Mobile, for about Rs. 700 crore, as the Department of Telecom is yet to clear the deal.

'Loop Mobile and Bharti applied to DoT for approval of the business transfer in March 2014. The approval for the transaction is still awaited from the relevant authorities as a result of which Bharti Airtel has withdrawn from the proposed transaction causing huge loss to the company,' Loop Mobile spokesperson told PTI.

BS