Loop Mobile May add Rs 215-crore NPA to Axis Bank

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Axis Bank has told the telecom department that delay in approval for the slump sale of Loop Mobile’s subscribers and active infrastructure in Mumbai to Bharti Airtel could result in the lender’s Rs 215-crore outstanding to Loop turning non-performing.

In a letter to the Department of Telecommunication (DoT), the lender has said that Loop Mobile’s licences expire in November, after which it will neither be able to offer services to customers nor be able to service its debt to the bank. ET has seen a copy of the letter.

“Public money through banks has been channeled into the company, which is at stake,” Axis Bank said in its letter earlier this month. Original post at ET Telecom

Wahengbam Rorrkychand

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