Shares of telecom major Bharti Airtel on Monday gained ground after the company announced signing of a definitive agreement with Loop Mobile to create Mumbai’s largest mobile network.
Bharti Airtel stock rose over 1 percent to touch a high of Rs. 342.6 in opening trade at the BSE. However, it pared most of the early gains in a weak overall market and was trading 0.1 per cent up at Rs. 338.65 in mid-day trade.
Earlier on February 18, Bharti Airtel had announced an agreement with Loop Mobile to create “Mumbai’s largest mobile network”.
Taking the announcement forward, the company said on Monday morning that it has now signed a definitive agreement with Loop Mobile (India) Limited in this regard.
Under the agreement, Loop’s 3 million subscribers in Mumbai will join Airtel’s over 4 million subscribers. It will also bring together Loop Mobile’s network supported by 2,500 plus cell sites and Airtel’s network supported by over 4,000 cell sites across Mumbai.