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Broke HAL Borrows ₹1,000 Crore To Pay Salaries To Employees
ON JANUARY 5, 2019
Cash-strapped defence PSU Hindustan Aeronautics Ltd (HAL) has been forced to borrow close to Rs 1,000 crore to pay salaries to its employees. The company is worried that work may come to a standstill in April as it does not have money to make fresh purchases or pay vendors.
The main reason for the shortfall is that HAL’s largest customer, Indian Air Force(IAF), has not paid its dues. The IAF has paid only Rs 2,000 crore since September 2017 and its current dues stand at Rs 14,500 crore.
“As of December 31, 2018, overall dues from the armed forces are Rs 15,700 crore. It will touch Rs 20,000 crore by March 31. All of this is for products and services we’ve already delivered,” HAL CMD R Madhavan told TOI late on Thursday. Read More
ON JANUARY 5, 2019
Cash-strapped defence PSU Hindustan Aeronautics Ltd (HAL) has been forced to borrow close to Rs 1,000 crore to pay salaries to its employees. The company is worried that work may come to a standstill in April as it does not have money to make fresh purchases or pay vendors.
The main reason for the shortfall is that HAL’s largest customer, Indian Air Force(IAF), has not paid its dues. The IAF has paid only Rs 2,000 crore since September 2017 and its current dues stand at Rs 14,500 crore.
“As of December 31, 2018, overall dues from the armed forces are Rs 15,700 crore. It will touch Rs 20,000 crore by March 31. All of this is for products and services we’ve already delivered,” HAL CMD R Madhavan told TOI late on Thursday. Read More