Govt deposits Rs 92 cr to clear immediate bond interest dues of MTNL

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Govt deposits Rs 92 cr to clear immediate bond interest dues of MTNL - Business Standard

Quick Summary:

The government has stepped in to make a Rs 92 crore payment towards bond dues of MTNL, a government source said, adding that another Rs 64 crore would also be paid in coming days towards interest obligations that are slated to become due in August.

The government sources said Rs 92 crore is being deposited in an escrow account for payment towards interest on bond dues.

The helping hand from the government is significant as it averts a crisis-like situation for the telecom corporation which has been teetering on the brink with regard to its debt obligations, particularly in this case government-guaranteed bonds.