India's state-run telco MTNL defaults on loan repayments worth 87 billion rupees
In July, MTNL had disclosed, opens new tab defaults of 85.85 billion rupees to the same lenders.
The default includes 77.94 billion rupees in principal and 8.65 billion rupees in overdue interest to lenders including Union Bank of India (UNBK.NS), opens new tab, Bank of India (BOI.NS), opens new tab, Punjab National Bank (PNBK.NS), opens new tab and State Bank of India (SBI.NS), opens new tab.
The debt-laden operator, which has long struggled with falling subscriber numbers, mounting losses and shrinking relevance in India's highly competitive telecom market, has been surviving largely on government support and debt roll-overs.
MTNL's total debt has risen to 345.77 billion rupees ($3.96 billion) as of July 31, from 344.84 billion rupees in June-end, which also includes sovereign-guaranteed bonds and loans from the Department Of Telecommunications.
($1 = 87.4225 Indian rupees)
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