IL&FS urges Exim Bank to release funds to end Ethiopian hostage crisis, says report

IL&FS has requested Export-Import Bank of India (Exim Bank) to release about 4.89 million Ethiopian birr in order to end Ethiopian hostage crisis, reported The Hindu Business Line.

As per the report, the development comes as IL&FS is seeking ways to secure the release of its four employees who were held hostage by local staff in Ethiopia.

The local staff working in IL&FS’ joint venture in Ethiopia, ITNL-Elsamex JV Bure, have demanded an additional four months’ net salary for the release of the Indian staff held hostage since November, said the report.