New Delhi, Aug 19 (UNI) State-run Mahanagar Telephone Nigam Limited’s (MTNL) loan default amount reached Rs 8,659 cr and total debt obligations hit Rs 34,577 cr at the end of July, as per the company’s regulatory filings.
Total debt obligations comprise different amounts, including the bank loans, sovereign guarantee bond, and a loan from DoT for paying the Sovereign Guarantee Bond Interest as per the information provided in regulatory filing.
Moreover, MTNL defaulted on the payment obligations of different banks, including Union Bank of India, Indian Overseas Bank, Bank of India, Punjab National Bank, State Bank of India, UCO Bank or Punjab & Sind Bank.
The rising default amount on MTNL is also due to the continuously falling subscriber numbers, mounting losses, and because it is losing ground in the Telecom sector due to outdated technologies.
