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Thursday, July 9, 2009

Maytas to execute orders worth Rs 8000 crore

Infrastructure firm Maytas Infra said on Thursday that it has an order book of Rs 8,000 crore even after being dropped by the Andhra Pradesh government from the Rs 12,000-crore Hyderabad Metro Rail project.

"Maytas Infra has got an order book of about Rs 8,000 crore for which all financial closure has been achieved and those projects are going on," Ved Jain, Government-nominated Director of Maytas Infrastructure told a TV channel.

He further added that as on date only for one project -- Machilipatnam Port project -- financial closure is being worked out.

However, Jain added that the board sees no problem with the project.

On the Andhra Pradesh government's move to cancel awarding the Hyderabad Metro Rail project to a Maytas-led consortium, he said, "The Metro was always an issue with the board...when we talked to the government it was decided that it will not be a workable proposition and that's why this project is dropped."

The Hyderabad Metro was a huge project involving expenditure of around Rs 12,000 crore with an equity of around Rs 3,000 crore, he said.

"When we as government directors were working on this revival of Maytas Infra, Hyderabad Metro was not into consideration. We have worked out a corporate debt restructuring plan and worked out other plans but the metro project was kept aside as it was a very big project and we were concerned how we will be able to carry it forward," Jain added.

On selling a stake in the Bangalore elevated tollway project he said "the project is almost complete and in October we think we will be handing it over...there is no issue of selling out any BOT project by Maytas Infra."

Maytas Infra has a large number of BOT projects which will be very profitable in times to come, he added.


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