Rolta India, which is among the leading IT and geospatial companies of the world, is in dire financial straits. The companys strategy to make itself debt free in India by divesting its global products and solutions business has failed, reported Hindu Business Line.
Rolta planned to raise $25 billion(INR25,000 crore) by divesting to restructure bonds. In the wake of this terrible blow, the mass layoffs have begun in the company and many top executives have been asked to resign. The company has a massive workforce of 3,000 employees around the globe. It owes more than 10,000 crore INR to investors and banks and has to complete payment of bonds worth $350 million
Rolta is in a financial imbroglio for some time now. Its lo…
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