Maytas Infra looking to enter airport development biz

Mumbai: Hyderabad-based construction and infrastructure development firm Maytas Infra Ltd plans to enter the airport development and operation business through alliances with strategic partners.
“We are looking to enter the airport development business,” said B. Teja Raju, vice-chairman. Raju is the eldest son of B. Ramalinga Raju, co-founder of India’s fourth largest computer services firm by revenues, Satyam Computer Services Ltd.
Maytas will team up with an experienced airport operator in order to qualify to bid for upcoming projects, said Raju, declining to elaborate. Maytas is looking to bid for low-cost airports in Karnataka, a company official said.
The proposed entry into airports comes ahead of plans by Maytas to sell 8.85 million shares in an initial public offer with plans to raise up to Rs327 crore. The share sale, scheduled to run between 27 September and 4 October, will constitute 15% of the post-issue capital of the firm. Maytas posted a net profit of Rs55 crore on revenues of Rs641 crore in the year ended March. It held orders worth Rs3,600 crore as on June 30.
25/09/07 P.Manoj/Livemint

To Read the News in full at Source, Click the Headline

Categories: Airports Sep 2007, New Sep 2007