Etisalat lenders demand dues of Rs 2500cr: Sources

Etisalat lenders have demanded dues of Rs 2,500 crore, reports CNBC-TV18 quoting sources. Yesterday, Etisalat announced it would shut down the operations of its Indian joint venture, three weeks after the Supreme Court cancelled the affiliate's licence amid a corruption probe.

Sources say United Arab Emirates-based telecom operator may meet lenders to notify the shutting shop of India operations.
Etisalat has a loan of about Rs 2,500 crore it took from six lenders.
On February 9, Etisalat wrote off USD 827 million relating to India unit Etisalat DB (EDB), in which it owns a 45% stake, after the affiliate's 15 licences were among 122 the Supreme Court ordered to be scrapped.
Etisalat paid USD 900 million in 2008 for its stake in the nascent company, then called Swan Telecom, after the licence had been granted. Etisalat has said it invested more than USD 1 billion in the venture, later renamed Etisalat DB.