The owners of Loop Mobile, one of Mumbai's oldest cellular networks, have put the company up for sale and are looking at a valuation of about $450 million, two people familiar with the development said.
Loop's main shareholders are Kiran Khaitan and her husband IP Khaitan. Kiran is the sister of Essar group's founders Shashi and Ravi Ruia.
The people quoted above said that the Loop has appointed Standard Chartered to be the financial advisor for the deal and is negotiating with Norway's Telenor. Loop Mobile has over 3 million customers and is the fifth largest operator in Mumbai.
Loop Mobile's sister firm Loop Telecom held permits in the remaining 21 circles, but these were quashed by the Supreme Court in its February 2 verdict when it cancelled all the licences issued by former telcom minister A Raja in 2008. The company is not participating in the upcoming spectrum auctions to renew its permits in these 21 regions.
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Loop's main shareholders are Kiran Khaitan and her husband IP Khaitan. Kiran is the sister of Essar group's founders Shashi and Ravi Ruia.
The people quoted above said that the Loop has appointed Standard Chartered to be the financial advisor for the deal and is negotiating with Norway's Telenor. Loop Mobile has over 3 million customers and is the fifth largest operator in Mumbai.
Loop Mobile's sister firm Loop Telecom held permits in the remaining 21 circles, but these were quashed by the Supreme Court in its February 2 verdict when it cancelled all the licences issued by former telcom minister A Raja in 2008. The company is not participating in the upcoming spectrum auctions to renew its permits in these 21 regions.
Read More . . . .