State-owned telecom company MTNL has missed loan payments totaling Rs 422.05 crore, according to a recent regulatory filing. This default includes Rs 328.75 crore for principal repayments and Rs 93.3 crore in interest for the months of June and July.
Here’s a breakdown of the defaulted payments:
- Union Bank of India: Rs 155.76 crore
- State Bank of India: Rs 140.37 crore
- Bank of India: Rs 40.33 crore
- Punjab & Sind Bank: Rs 40.01 crore
- Punjab National Bank: Rs 41.54 crore
- UCO Bank: Rs 4.04 crore
MTNL had previously borrowed Rs 5,573.52 crore from these banks. Overall, the company has a staggering Rs 7,873.52 crore in borrowings from various banks and financial institutions, and its total debt stands at Rs 31,944.51 crore.
To address its financial troubles, MTNL has requested Rs 1,151.65 crore from the government to cover interest payments on sovereign guarantee bonds for this fiscal year. Additionally, the government has proposed allocating Rs 3,668.97 crore in the budget to repay the principal amount of MTNL’s bonds.
This situation highlights MTNL’s ongoing financial struggles and the significant steps being taken to manage its debt and obligations.
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