Jaiprakash Power likely to default on $200 mn convertible bonds

Jaiprakash Power Ventures Ltd said it was likely to default on payments for convertible bonds worth $200 million due on Feb. 13 this year.

Jaiprakash Power likely to default on $200 mn convertible bonds

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.