By IANS,
New Delhi : State-run Bharat Sanchar Nigam Ltd (BSNL) borrowed Rs.1,320.47 crore ($25 million) from the market for capital expenditure in 2010-11, Minister of State for Communications and IT Milind Deora said Wednesday.
“BSNL has fully met its operational expenses through internal accruals during the financial year 2011-12. However, for capex authorisation market borrowings were partially resorted to which stood at Rs.1,320.47 crore as on March 31, 2012,” Deora said in a written reply in the Lok Sabha.
According to Deora, the main reasons for the financial crisis in BSNL were large work force whose salary and wages were around 50 percent of the revenue. “The expenditure on this account has increased due to implementation of the wage revisions,” Deora said.
The firm had a loss of Rs.5,997 crore in 2010-11 as against Rs.1,823 crore in 2009-10.