Telecom major Bharti Airtel today announced to buy business and assets of Loop Mobile in Mumbai under a strategic agreement.

The company did not disclose the size of deal but sources close to the agreement said it is for about Rs 700 crore.

Under the agreement, Loop Mobile's 3 million subscribers in Mumbai will join Airtel's over 4 million subscribers, making it a largest network in the metropolitan city, according to a statement by Bharti Airtel.