Grappling with low finances, Hindustan Aeronautics Limited borrows Rs 962 crore from banks to pay salaries to its employees
Vishwas Dass | January 8, 2019 | Delhi
The recent move by the Hindustan Aeronautics Limited (HAL) to borrow Rs 962 crore from banks to pay salaries to its employees has once again exposed the sorry state of the public sector undertakings (PSUs).
After reports of HAL’s financial crisis surfaced in the media, the defence PSU has been hogging the limelight for all the wrong reasons. Reports suggest that the armed forces owe Rs 15,700 crore to HAL, which includes Rs 14,500 crore by the Indian Air Force (IAF) alone.
In view of the various media reports on HAL, following is clarified: HAL has taken overdraft of Rs 962 crores. With anticipated collection upto March, the cash position is expected to improve. Orders for LCA Mk1 A (83) & LCH (15) are in advanced stages.@drajaykumar_ias @PTI_News— HAL (@HALHQBLR) January 6, 2019
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