New Delhi: As per a regulatory filing on Monday, MTNL, a government-owned telecommunications company, has failed to make bank loan payments amounting to Rs 422.05 crore. The overall default sum includes Rs 328.75 crore unpaid on principal instalments and Rs 93.3 crore owed for debt interest in June and July.
As per information provided by MTNL, it has failed to make payments totaling Rs 422.05 crore to various banks, including Union Bank of India, State Bank of India, Bank of India, Punjab & Sind Bank, Punjab National Bank, and UCO Bank. The telecommunications company previously acquired Rs 5,573.52 crore in debt from these banks. The telecom company, which is not profitable, owes a total of Rs 7,873.52 crore to banks and financial institutions, with the total debt of the company amounting to Rs 31,944.51 crore.
MTNL has requested 1,151.65 crore rupees from the government to cover interest payments on sovereign guarantee bonds for the fiscal year. In the Budget, the government has proposed to allocate Rs 3,668.97 crore for the repayment of the principal amount of MTNL bonds.
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