New Delhi: Jaiprakash Power Ventures Ltd said it was likely to default on payments for convertible bonds worth $200 million due on Feb. 13 this year, as it could not generate enough revenue from its operations.
Jaiprakash, which has been weighed down by debts and a sharp downturn in the performance of the Indian power sector, said in a statement on Wednesday the company was confident of its ability to pay its dues under the bonds by March 31, 2016.
Zee News App: Read latest news of India and world, bollywood news, business updates, cricket scores, etc. Download the Zee news app now to keep up with daily breaking news and live news event coverage.
