Defence PSU Hindustan Aeronautics Limited (HAL), grappling with low finances has been, for the first time in many years, forced to borrow money to pay salaries to its employees. The company is worried of work coming to a standstill from April with no money to make fresh purchases or even pay vendors.
TOI had reported first in its October 10 edition that HAL had cash only to pay its 29,000-strong salaries for just three months as the cash in hand was just about Rs 1,000 crore.
Late on Thursday, HAL CMD R Madhavan told TOI: “Our cash in hand is in the negative, we’ve had to borrow close to Rs 1,000 crore as an overdraft (OD). By March 31 we’ll have minus of Rs 6,000 crore, which becomes unsustainable. We can borrow for day-to-day work, but not for project purchases.”Click Here: liverpool mens jersey