Maytas loses another project
Maytas Infra — the infrastructure company floated by the Ramalinga Raju family — has lost another project in Orissa.business Updated: Feb 03, 2009 20:29 IST
Maytas Infra — the infrastructure company floated by the Ramalinga Raju family — has lost another project in Orissa.
Hyderabad-based KVK Energy, which is setting up a Rs.50-billion (Rs.5,000-crore), 1,050 MW coal-fired power project in Cuttack district, Tuesday said Maytas was no longer its joint venture partner.
"We informed the Orissa government last week that we will go ahead with the project without Maytas,” R.C. Mohapatra, executive director of KVK Nilachal Power, a subsidiary of KVK Energy, said.
KVK Energy and Maytas each had a 25.5 per cent stake each in the power project, with the remaining 49 percent proposed to be vested with a strategic investor.
Last month, Vedanta Alumina, promoted by the UK-based diversified mining company Vedanta Resources, dropped Maytas as its infrastructure developer partner in a Rs.2.33-billion township project.