Maytas Infra denies move to offload stake
Crisis-hit Maytas Infra today denied reports of move to offload the company's stake to a strategic partner.business Updated: Jul 18, 2009 21:19 IST
Crisis-hit Maytas Infra on Saturday denied reports of move to offload the company's stake to a strategic partner.
"No recommendation was made to the Ministry of Corporate Affairs or the Company Law Board for offloading Maytas' stake. It is not on our agenda at this point of time. Our focus right now is on getting the company back on rails," K Ramalingam, government-appointed Chairman of Maytas Infra said.
He said Maytas Infra has receivables to the tune of Rs 780 crore which they were trying to realise soon.
"Maytas lent Rs 380 crore to 14 companies as inter-corporate debt, which in turn was lent to Satyam Computer.
Besides, Rs 400 crore receivables were pending from vendors and other sources," he said, adding, once recovered, this amount would be used to repay loans.
The Rs 100-crore loan sanctioned by banks under the Corporate Debt Restructuring (CDR) package would be received in a month.
"We are seeking another Rs 100 crore under CDR and hope to get it soon," he added. This would ease the liquidity crunch thereby enabling faster execution of projects at hand and also facilitate Maytas Infra to bid for new projects, he added.
On Machilipatnam Port, Ramalingam said they would achieve financial closure for the Rs 1,600-crore project in 45 days.
To another question Ramalingam said: "We are interested in bidding in the Hyderabad Metro project, besides other rail, road and port projects.
Ramalingam said the company has healthy order book of Rs 7,525 crore in hand.
He said since the company is already qualified for most of the transportation, power, buildings and irrigation projects, the CDR package would help to bag more projects.
It would also help in fast execution of the Gulbarga and Shimoga airport projects in Karnataka and power grid corp projects.
"The company financial health has been improving due to efficient monitoring of projects and debtors," Ramalingam said adding, the employees' salary payments are getting streamlines.
Maytas Infra during the last quarter has successfully completed the Ring Road Project of the Bangalore Development authority and the RJPL pipeline project for Rs 300 crore for the Gujara State Petronet Ltd.