Hindustan Aeronautics Limited, a government company that produces weapons in the country, is going through a grueling economic crisis. This is the first time in the past few years that the company has to borrow even to pay the salaries of its employees. The company has taken a loan of about Rs 1,000 crore for the payment of salary allowances. That’s why the work in the company has been stalled in a way since April because he does not have enough money to make new purchases or to repay the vendors.
On Thursday evening, the company’s CMD R. Madhavan said, “Our cash is in these hand negatives. We have to take a loan of over Rs 1,000 crore as overdraft. By March 31, we will be in the deficit of Rs 6,000 crore, which will be a difficult situation. We can take a loan for daily work, but loans can not be taken for procurement of projects.
Hindustan Aeronautics Limited is currently working on overdraft only. The main reason for the company’s crisis is that it is unable to get the outstanding amount from its largest customers. Indian Air Force has not made any payment to the company since September, 2017. In October, a total of Rs 10,000 crore was left to the customers of Hindustan Aeronautics.
In December, this figure has increased to 15,700 million rupees. Madhavan says that till March, it can reach 20,000 crore.