This would be in addition to the Rs 275 crore to Rs 300 crore infrastructure bond issue that the company plans to come out with shortly.

According to sources, once Hutchison Max ties up the rupee loan by the year end, the company will achieve its financial closure, one of the few companies to achieve this landmark.

While it is not certain as to who will lead arrange the loans, it is likely that ANZ Investment Bank and HSBC, which are lead managing the company's infrastructure bond issue, might be given the mandate.

Hutchison Max had late last year planned to raise about $170 million in foreign currency loans. The ECB, however, had to be deferred due to a variety of reasons including an impending change in the equity holding pattern of the company and the sharp depreciation in the rupee.

Further, the decision to goahead with the issue of infrastructure bond issue was also delayed by a couple of months on account of the change in the equity structure. The upcoming infrastructure bonds issue and the loans thereafter by Hutchsion Max will be the first major fund raising by the company after a change in its equity structure.

Max India, one of the co-promoters of the cellular venture, recently sold a 41 per cent stake in Hutchison Max for Rs 561 crore to Telecom Investments India, a 51:49 joint venture between Kotak Mahindra and the Hong Kong-based Hutchison group.

Max Telecom Ventures, a 100 per cent subsidiary of Max India through which investments in Hutchison Max were routed, will continue to hold a 10 per cent stake in the company.

The deal, which is said to be one of the largest acquisition deals in corporate India, was brokered by Kotak Mahindra. As a result of the deal, Hutchison Whampoa, one of the co-promoters of the venture, has seen its effective stake increase to 68.09 per cent in Hutchison Max from the49 per cent it held before the deal.

Also, Kotak Mahindra now has about 22 per cent stake in the cellular company.

Based on the valuation for the 41 per cent stake, the business of Hutchison Max is now valued at about Rs 1,400 crore, one of the highest in the cellular industry.