India Law Services (ILS) has advised IDBI and six other banks on an ECB (external commercial borrowing) loan transaction involving $350m borrowings to Tata Teleservices in Maharashtra.

Tata Teleservices, which also operates GSM services as the Tata DOCOMO enterprise, handled the legal advice through its in-house legal team.

ILS Mumbai-based partner Tushar Desai led the team of lawyers for the lenders with IDBI syndicating the entire loan amount.

“The amount was borrowed partly for refinancing existing short term rupee term loan amount borrowed for availing of 3G spectrum and partly for meeting capital expenditure. The execution of documents was preceded by hectic negotiations as the lending was by multiple banks from diverse locations,” said Desai.