ICICI lends Rs. 220 cr. to Hughes Tele.com

MUMBAI, AUG. 20. ICICI has disbursed Rs. 220 crores to Hughes Tele.Com India (HTIL) for the latter's project to set up a broadband telecom network in Mumbai and rest of Maharashtra.

The total project cost was estimated at Rs. 3,485.4 crores as per a detailed appraisal undertaken by the financial institution, Hughes Tele.com said in a release here.

ICICI has sanctioned a rupee debt underwriting facility of Rs. 854.3 crores, of which it was taking up Rs. 350 crores and the balance was being syndicated.

HTIL is a joint venture promoted by two U.S.-based companies - Hughes Electronics Corporation (a General Motors company) and Alltell Corporation and India's Ispat group.

International consultant Arthur D Little (ADL) had been appointed by ICICI to evaluate the Telecom project, it said.

HTIL has already launched its operations in Worli, Navi Mumbai and Pune and has a subscriber base of over 27,000 lines, it said adding, the company expects to commission over two lakh lines by 2002 in the State.

- PTI

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