MTN denies talks for stake in Loop

JOHANNESBURG, S.AFRICA: South Africa's MTN Group Ltd today denied the reports that it is in talks to buy a stake in India's Loop Telecom.

Earlier, a Business Standard report had said that 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 MTN Group can confirm that it is not in talks with Loop Telecom and firmly denies any media speculation suggesting such talks," spokeswoman Nozipho January-Bardill said in a statement.

In recent times there were reportedly many attempts on the part of MTN to enter the Indian market as well as other global markets.

After the failure of the talk with Bharti Airtel, there were reports that MTN would reopen merger talks with Reliance Communications.

Meanwhile, its talks with Orascom Telecom also failed due to regulatory issues.

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