India’s Rolta unable to meet bond and ECB interest payment obligations

By Caroline Salls

Pittsburgh, June 17 – Rolta India Ltd. was unable to meet its recent bond/euro convertible bond installment interest payment obligations, according to a news release.

Rolta said it has had to continue incurring significant expenses on a defense project, which requires considerable ongoing investment. At the same time, the company said it has suffered unexpected delays in large payment collections and has been facing working capital stress over the past few months.

Rolta said its management is working on addressing the overall situation in consultation with its bankers and strategic advisers.

Rolta India is a technology services company based in Mumbai.

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