Maytas proposes Reliance Infra as partner for Metro project

Maytas proposes Reliance Infra as partner for Metro project
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First Published: Wed, Jul 01 2009. 02 52 PM IST
Updated: Wed, Jul 01 2009. 02 52 PM IST
Hyderabad: Maytas Infrastructure, majority- owned by the family of scam-hit IT firm Satyam’s disgraced founder B Ramalinga Raju, is believed to have proposed bringing in Reliance Infra as a partner in the prestigious Rs12,200-crore metro rail project in Hyderabad.
While Reliance Infra’s position on willingness to join the consortium could not be ascertained immediately, sources said that some of the Maytas officials had approached Anil Ambani group firm last week on the issue.
Late Tuesday night, Maytas Infra chairman K Ramalingam met Andhra Pradesh chief minister Y S R Reddy and proposed a re-grouping of the consortium for the Hyderabad metro project, sources added.
In the proposed structure, Reliance Infra could be given as high as 84% stake, while Maytas’ holding could fall to as low as 16%, sources said.
While a spokesperson declined to comment on the development, Reliance Infra chief Lalit Jalan had previously said that the company would consider bidding for the project, if the government calls for fresh bids.
Maytas Infra spokesperson could not be reached for comments.
Maytas’ involvement in the prestigious project had been imbroiled in a controversy ever since the Satyam scam broke out early this year and there have also been reports that the company could be removed from the project. It has already failed to meet a deadline for reaching the financial closure and later asked for an extension.
Last month, Maytas, however, said in a statement that it was committed to complete the project and it has requested the Andhra government to give it some more time.
Late last month, the state’s municipal administration and urban development minister Anam Ramnarayana Reddy had said that the government would take a decision by the first week of July on whether to continue with Maytas Infra-led consortium in the project.
The government had awarded the project to develop 71.6-km of fully elevated Hyderabad Metro Rail (MRTS) Project on design, build, finance, operate and transfer (DBFOT) basis to the consortium comprising Nava Bharat Ventures, Maytas, Italian-Thai Development Public Company and IL&FS.
The project comprises three corridors with a total of 66 stations.
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First Published: Wed, Jul 01 2009. 02 52 PM IST