MTN in talks to buy stake in Loop - report

MUMBAI, INDIA: South Africa's MTN is in talks with Loop Telecom to buy a stake in the Indian mobile operator to gain an entry into the world's fastest growing wireless market, the Business Standard reported on Monday.

Citing people close to the development, the newspaper said MTN has been negotiating through merchant bankers and Loop Telecom is willing to sell up to 45 per cent holding in the firm.

India's Essar Group has a stake of less than 10 percent in unlisted Loop.

Officials at MTN and Loop could not immediately be reached by Reuters for comment.