Loop Telecom to close operations in India

Loop Telecom, whose 2G licences were among the 122 telecom licences cancelled by the Supreme Court, on Tuesday said it is in process to shut down its business in India.

"We have no other option. The company has already advertised in newspapers for shifting our customers on other network through MNP (Mobile Number Portability)," a Loop Telecom spokesperson said.

Loop Telecom has started process to issue job termination notice to all its employees following its plan to shut down business in India.

"We have no other option. All employees have been made aware. We will soon issue them formal notice," the spokesperson said.

The spokesperson said that company has around 150 direct employees.

Loop Telecom had 2G telecom licence for 21 circles and had operations in 13 circles with its largest subscriber base of over 2,300 in Kolkata followed by Odisha with 965 subscribers by end of February 2012, as per telecom regulator Trai.

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