Maytas loses partner KVK energy and projects in Orissa, Bengal
03 Feb 2009
Tthe infrastructure arm of the scam-hit IT major Satyam, Maytas Infra, which had teamed up with Hyderabad-based KVK Energy and Infrastructure is out of the 1,050-mw thermal power plant in Orissa as KVK has parted parted ways with it.
KVK Energy and Maytas, each held 25.5 per cent stake in the project; the balance 29 per cent was proposed to be vested with a strategic partner. The Rs5000 crore project is coming up at Kandarei in Cuttack district and had a debt equity ratio of 4:1
KVK will now acquire the 25.5 per cent stake of Maytas which will increase its stake in projects to 51 per cent.
In another development Maytas has had its EPC (engineering, procurement and construction) contract cancelled by KVK Nilachal Power, which is in the process of identifying a another company to undertake the contract.
The developments come in the wake of the Orissa government seeking details from KVK Energy as to the involvement of Maytas' in the project. It is learnt the KVK has passed on the relevant documents to the government and also communicated to the government of Maytas' exit and its willingness to take over the latter's stake in the project.
Meanwhile, it is also learnt that Power Grid has initiated steps to cancel seven electrification projects contracted to Maytas. The projects had a combined worth of Rs395 crore and were located at various sites in Orissa and West Bengal and Orissa.
The developments come in the wake of the Orissa government seeking details from KVK Energy as to the involvement of Maytas' in the project. It is learnt the KVK has passed on the relevant documents to the government and also communicated to the government of Maytas' exit and its willingness to take over the latter's stake in the project.
Meanwhile, according to sources KVK has ordered the boiler, turbine and generator and is in the process of finalising another EPC contractor in place of Maytas.