Bengaluru: Bengaluru Hindustan Aeronautics Limited is facing financial crisis these days and this is the first time that the company had to borrow to pay its employees salaries.
Work has stopped work in the company since April and there is not enough money to make new purchases or to repay the vendors. The company has taken a loan of about Rs 1,000 crore for salary payment.
According to media reports, the company lacks cash to pay salaries to 29,000 employees. The company had only Rs 1,000 crore as cash in hand.
Company’s CMD R. According to Madhavan, ‘Cash in Hand is in our Negative. 1,000 crore has to be borrowed on the form of overdraft. There will be a loss of Rs 6,000 crore by March 31, which will be a troubling situation. We can take loans for daily operations, but not for any purchase related to projects. ‘
HAL is working on overdraft only, which extends from Rs. 1950 crores. The main reason for these problems is that he is unable to get the outstanding amount from his biggest customers. Indian Air Force has not made any payment to the company since September 2017.
In October, a total of Rs 10,000 crores was left to the customers of Hindustan Aeronautics. In December, the figure increased to Rs 15,700 crore. According to him, till March this could reach 20,000 crores. The Ministry of Defense has approved a revised budget of 2017-18 for a budget of Rs 13,700 crore and a revised budget of Rs 33,715 for 2018-19, including a pending amount of 2017-18.
PNN
