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MTNL Looks To Raise Rs. 4000 Crore Loan To Pay For BWA Spectrum

Public sector telecom operator MTNL has put out an 'Expression of Interest' notice today, inviting banks to offer it a loan of up to Rs. 4000 crore to pay the Department of Telecom for purchase of Broadband Wireless Access spectrum. Now MTNL is guaranteed spectrum in the BWA auction currently in progress, and as of close of day yesterday, needed to pay up Rs. 3562.59 crore for spectrum in Delhi and Mumbai. So it appears this amount to increase further, at least up to Rs. 4000 crore. The company had to shell out as much as Rs. 6,564 crore for spectrum based on the price for Delhi and Mumbai determined during the 3G Auction, and had taken a loan of Rs. 2,500 crore from Axis bank for the same, PTI had reported. For the fiscal year 2009-10, MTNL had reported revenues of Rs. 3770.41 crore, total expenditure of Rs. 7976.98 crore, and a net loss of Rs. 2514.86 crore. Details of the EoI document: Expression of Interest MAHANAGAR TELEPHONE NIGAM LTD. (A Govt of India Enterprises) No. MTNL/BKG/CO/BWA/2010-11                             Dated 07.06.2010 Sub:- Your Offer for Loan upto Rs. 4000 Crs. for BWA. MTNL invites scheduled Banks in India ( Public & Private Sector) to provide an offer for loan up to Rs. 4000 Crs. for a period of one, two & three years towards payment of BWA  to Department of Telecommunication, Govt. of India, with an option of repayment by MTNL  in tranches  within the loan period at the discretion of…

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Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

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