Maytas looking for a buyer?

New Delhi: Maytas Infrastructure, the Hyderabad based infrastructure company promoted by the Raju family, may be looking for a buyer.
NDTV has learnt that the board of directors has expressed concerned on the state of affairs at Maytas Infrastructure and made the suggestion for the company to be sold in its report submitted to the Ministry of Corporate Affairs.
The communication from the board to the ministry also cites the example of the successful turnaround of Satyam after it was sold off to its new owner, Tech Mahindra.
Sources said that the government is open to the idea of selling off the company, "if it helps in the long run. NDTV contacted two senior officials of the company who confirmed the move. One of the officials, a member of the Maytas board, said, "The options are open". He did not elaborate further.
An official response from Maytas Infrastructure said that the company is not looking at a stake sale and was instead focusing on the corporate debt restructuring process being completed.
Maytas Infrastructure, a sister company of Satyam Computer, plunged into crisis after former Satyam Chairman Ramalinga Raju confessed that he had inflated the revenue and profit of the company.
Maytas is expecting to commence work on the Gulbarga and Shimoga airports in Karnataka this month. These two will be the first privately owned greenfield airports to take off in the country.
17/07/09 Debdatta Das and Ashutosh sinha/NDTV.com

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Categories: Airports Jul 2009