Expressing confidence that the beleaguered Maytas Infra could be revived, company chairman K Ramalingam on Tuesday today said the firm had sought six more months from the Andhra Pradesh government to arrange finances for the prestigious Rs15,000 crore Hyderabad metro project.

The company, promoted by the sons of jailed Satyam Computer Services founder Ramalinga Raju, was originally scheduled to manage financial closure for the project by mid-March.

"We see that the company is on a recovery path,'' Ramalingam told reporters in New Delhi. He added that he was not ruling out the possibility of stake sale. "We are not ruling out stake sale in future. We are not foreclosing any option as regard stake sale in future but right now we don't see (the need for) any strategic partner; we are focusing on a revival plan," he said.

He said the company is currently working out a revival plan and has already appointed SBI Capital Market for Corporate Debt Restructuring (CDR). At present, promoters and promoter group hold close to 85 per cent stake in the company, he added.

The chairman said the company has an outstanding debt of approximately Rs1,700 crore and an order book of more than Rs8,500 crore, apart from the Hyderabad metro rail project. The order book has shrunk due to the global financial meltdown and the developments in the wake of the disclosure of fudging of accounts in Satyam Computer, he said.

"We have interacted with senior executives and we have been seeking ways to how to revive the company. The company has very good professionals, it can be revived, we have started evaluating the projects," he said.

He said the company has formed four committees which will focus on their respective areas of project management, audit, banking, finance and legal. "We have done draft plans for restructuring and we have started meeting the customers to reassure them," he said.

The board has also restructured the management of the company by appointing two presidents - C S Bansal and Rajendra Nimje, who will spearhead the company.

Financial closures for Rs 8,500-crore projects have already taken place and they are expected to be completed in the next 24 months, a government-appointed director Ved Jain, said.

Jain added that existing funds are sufficient to carry out the projects. Of the Rs 8,500-crore projects, Rs 5,000 crore are for irrigation projects, which are not on built-oerate- transfer basis.

When asked about the presentation of accounts for the year ending 2008-09, Jain said, "It will take some time as the investigating agencies are still doing their work. Once the probe is complete, the company will be able to give true picture of the company." He also added that the new account is not required for the CDR as banks are aware of the various issues the company is facing.

On the exact position of employees in the company, Ramalingam said at present there are 1,800 employees and though a few employees left the organisation after the Satyam scam, many of them are willing to come back.

The company has not paid salary to its staff for last three months. Ramalingam said that the company will soon start paying the salary.