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New Delhi: India's Mahanagar Telephone Nigam (MTNL), which was once a Telecom titan, has defaulted on $1 billion (nearly Rs 8,585 crore) of loans from seven public sector banks. The total loan default includes Rs 3,733.22 crore borrowed from Union Bank of India, Rs 2,434.13 crore from Indian Overseas Bank, Rs 1,121.09 crore from Bank of India, Rs 474.66 crore from Punjab National Bank, Rs 363.43 crore from State Bank of India, Rs 273.58 crore from UCO Bank, and Rs 184.82 crore from Punjab & Sind Bank — including both principal and interest dues. The defaults in loan payment happened between August 2024 and February 2025.
In the early 2000s, MTNL was a lifeline of communication. The telecom giant's fall from grace marks yet another chapter in the gradual fading away of India’s once-iconic legacy brands. The government-run MTNL was once a household name for landlines, internet services, and early mobile connectivity in India’s major cities. However, now the scnenario has completely changed, with the telecom giant struggling for survival and looking at its 'slow death'.
But MTNL's case is not an isolated one. If we look back, we will find that a number of well-known brands have either vanished without a trace or have been edged out of the Indian market -- which is evolving fast amid cut throat competition. From technology and telecom to retail and automobiles, there's a long list of brands who were once a part of everyday life and in which families reposed their trust. But they have been reduced to memory now or are just a shadow of their former self. Let us take a look at some of these brands:
1. Onida: Onida was once a prominent Indian electronics brand. It was promoted as 'Neighbour's Envy, Owner's Pride'. The punchline still stays in public imagination and mind. However, the brand saw a gradual decline due to a host of factors, including tough competition from foreign brands, and issues related to internal management. Market trends changed, but Onida lagged behind and this was its undoing.
2. Kelvinator: The iconic refrigerator had the tagline -- 'It's the Coolest One'. After LG, Samsung, Whirlpool, and Panasonic flooded the Indian market, Kelvinator found itself in the thick of intense competition. It failed to innovate and keep up with the consumer preferences. Its ownership changed many hands hit its marketing and the brank sank slowly.
3. Big Bazaar (Future Group): Big Bazaar collapsed under mounting debt, and lopsided expansion. Its management was myopic. The Covid 2019 took a toll on its cash flows, and crisis spiralled out of control. After Future Group defaulted on lease obligations, Reliance took control of several of its outlets. Reliance rebranded them as Reliance Smart Bazaar.
4. Ambassador (Hindustan Motors): Ambassador ruled the roads from the 1960s to 1980s. It saw a gradual decline in the 1990s. And the once-ubiquitous Indian car halted all production in 2014. The reason for its decline was the car's outdated design and technology. Maruti, Hyundai, Honda, and Ford took over the car market. As a result, Ambassador's sales took a nosedive.
5. BSNL (Bharat Sanchar Nigam Ltd): BSNL is sailing the same boat as MTNL. BSNL’s mobile network is facing challenges, as 5G is making waves. BSNL reportedly lost around 155,000 wireless customers in April this, even as Jio and Airtel added millions.
