MUMBAI: Hutchison Essar Ltd. and its subsidiaries have raised 19 billion rupees through three-year loans for refinancing existing debt and to fund capital expenditure, merchant bankers said on Monday.

The loans carry an interest of 7 percent, payable monthly. HSBC, Standard Chartered Bank and ABN AMRO Bank were the arrangers to the loan, which was raised last week.

Hutchison Essar is the Indian wireless arm of Hutchison Telecommunications International Ltd.