Andhra Bank, Indian Bank slap notices on Annapurna Studios

Annapurna Studios is said to have failed to repay Rs 32.3 cr to Andhra Bank and Rs 29.7 cr from Indian Bank

Two public sector banks, Andhra Bank and Indian Bank, have slapped notices on 7 Acres Studios, located adjacent to the main Annapurna Studios in the upmarket Jubilee Hills in Hyderabad, for recovering loans to the tune of Rs 62 crore.

Promoted by actor-entrepreneur Nagarjuna Akkiineni, Annapurna Studios is said to have failed to repay Rs 32.3 crore to Andhra Bank and Rs 29.7 crore from Indian Bank.

"There is no denial that we received notices from the banks. We are talking to the bank officials and hope to arrive at a settlement soon," Annapurna Studios' spokesperson said on Monday.