Mahanagar Telephone Nigam (MTNL) has defaulted on an interest payment of Rs 35.15 crore to Union Bank of India, which was due to be paid in July. The company is reeling under a total debt of Rs 27,330 crore. The company has a total outstanding loan of 5,849.71 crore to be paid to Union Bank of India.
MTNL was set up by the Government of India to upgrade the quality of telecom services, expand the telecom network, and introduce new services and to raise revenue for telecom development needs of India's key metros -- Delhi and Mumbai.
