MTNL defaults on Rs 5,726 cr loans; total debt at Rs 32,097 cr
MTNL has defaulted on a total payment of Rs 5,726.29 crore, comprising a principal amount of Rs 5,492 crore raised from various banks and an interest of Rs 234.28 crore, the company said in a regulatory filing. The company shared that its total financial debt now stands at Rs 32,097.28 crore — 40 times more than its consolidated annual income of Rs 798 crore.
Union Telecom Minister Jyotiraditya Scindia on Tuesday told reporters that there is no insecurity about the debt raised by MTNL as it is backed by a sovereign guarantee and the company's business will be transferred to BSNL.
Union Bank of India has the biggest exposure to MTNL.
According to the data shared by MTNL, the company has defaulted on payment of Rs 3,480.85 crore, due to be paid to Union Bank of India.
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