Mumbai: Maytas Infra Ltd, linked to fraud-hit Satyam, has decided to sell part of its stake in two expressway projects to generate liquidity, the Business Standard said on Monday without citing any sources.
Maytas will initially sell 36% of its 50% stake each in Cyberabad Expressway Pvt Ltd and Hyderabad Expressway Pvt Ltd to Neco group’s Terra Projects, the report said.
Hyderabad-based infrastructure firm, Gayatri Projects Ltd, owns the remaining 50% in these two projects, it added.
The combined deal value could be below Rs2 billion, the report added, citing unnamed sources.
Anil Agarwal, a government-nominated director on Maytas’ board, confirmed the company was bringing in a new partner in these two projects, but declined to discuss the size of the transaction, it said.
Under the concession agreement with the state government of Andhra Pradesh, where the two projects are being constructed, Maytas will have to hold a minimum 14% stake in these companies during the construction period, the paper said.
Maytas was promoted by the family of Ramalinga Raju, the former chairman of Satyam, who resigned after revealing profits at the software firm were inflated.
Earlier this month, Maytas’ lenders decided to release Rs6 billion to the company as part of a corporate debt restructuring package.