The Income Tax Department of India, has paid a huge amount of Rs. 1,395 crore to the state-owned MTNL on Tuesday, as a refund for the license fee, that it took for the last six years. The sources from the MTNL have stated that the company is lagging behind its private counterparts at the moment and this extra funding would definitely help it to get into a better position in the market. The sources added that the refund from the I-T Department is inclusive of the interest payment of Rs 166.19 crore, that is going to increase the net profit of MTNL for the last financial year.
While commenting on getting back such a huge amount of money, the Director (Finance) of MTNL, Ms Anita Soni said, "The interest component will have an impact on our net profitability. We are expecting it to go up by about Rs 120 crore". She said that the company has recently arranged some huge investments for increasing its GSM capacity also the broadband network, both in the cities of Delhi and Mumbai. She added that the MTNL is also planning to invest a huge amount of over Rs 1,500 crore during the current financial year and it would utilize the refunds for the purpose.
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| Posted : 4/2/2008 |
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