Maytas bags Rs110 crore Southern Railway project
06 Jan 2009
Maytas Infra, the construction and infrastructure development company promoted by the Satyam Computer group, has bagged a Rs110 crore project for doubling the broad gauge track between Chengalpattu and Villupuram on the the Southern Railway.
Hyderabad-based Maytas will partner CT Ramanathan to execute the project, which is to be completed in 18 months from the date of agreement.
"The project, when completed will aid Southern Railways significantly ease the traffic flow between Chengalpattu and Villupuram. We look forward to deliver this project on time," said VV Rama Raju, chief financial officer of Maytas Infra.
Maytas has so far executed 10 projects and has on hand 20 ongoing projects in the transportation vertical. Its current order book stands at Rs11,000 crore, to be executed in the next 30 to 36 months.
Maytas Infra was embroiled in a major controversy last month over its acquisition by Satyam Computer.
Satyam founder-chairman B. Ramalinga Raju's sons - Rama Raju and Teja Raju, run the two construction outfits - Maytas Properties and Maytas Infrastructure.
The proposed acquisition of both Maytas companies had to be called off after investors and analysts protested against the top management's decision to 'bail out' the cash-strapped infrastructure firms.
The fiasco had resulted in market regulator, Securities and Exchange Board of India (SEBI), ordering an enquiry into the whole deal to find if the Satyam directors have violated any corporate governance norms.
