Mahanagar Telephone Nigam Ltd (MTNL) has reported a default on principal and interest payments totalling Rs 85.84 billion to several public sector banks. In a regulatory filing, the telco disclosed that it failed to meet payment obligations between August 2024 and February 2025.
According to MTNL’s disclosure, it owes Rs 77.94 billion in principal and Rs 7.90 billion in interest to a consortium of lenders that includes Union Bank of India, State Bank of India, Bank of India, Punjab National Bank, UCO Bank, Punjab & Sind Bank, and Indian Overseas Bank.
Moreover, the company’s total financial debt stands at Rs 344.84 billion, comprising Rs 85.85 billion in outstanding bank loans, Rs 240.71 billion in sovereign-guaranteed bonds, and Rs 18.28 billion borrowed from the Department of Telecommunications (DoT) to service interest on those bonds.
