After reporting losses at the end of last fiscal, Bharat Sanchar Nigam Ltd has now gone cash negative further plunging the telecom company into deep financial mess.
BSNL has decided to borrow Rs 3,000 crore to meet routine expenses including salary payments for the current financial year and another Rs 11,000 crore for the fiscal 2011-12.
This comes even as the PSU has asked the Government for a bailout package including full refund of the money paid for 3G and broadband spectrum and financial support for rolling out broadband services in rural areas.
BSNL has been struggling over the past two years owing to delays in buying network equipment, political interference and a messed up roll out of 3G and broadband services despite getting spectrum one year ahead of the other players.
the hindu businessline-BSNL to borrow.
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