Maytas will execute Hyderabad Metro project: CM

In what could bring some respite to Maytas Infra, which is caught in a controversy after Satyam aborted its bid to acquire it, the Andhra Pradesh government refused to see the Satyam issue as a factor that would impact the Rs 12,000-crore (Rs 120 billion) Hyderabad Metro Rail (HMR) project, which is being executed by a Maytas-led consortium.

Maytas Infra is promoted by the family members of Satyam founder and chairman B Ramalinga Raju. There have been some issues in the Satyam management because of some decision taken by its board.

They are between the shareholders and the management. We are not concerned with them in any way, said Chief Minister YS Rajasekhara Reddy on the sidelines of a press conference.

Satyam is Satyam. Maytas is Maytas. Right now, we do not see any problem. Maytas will do it (metro rail), he said.

Earlier, HMR Corporation managing director NVS Reddy had said the project was on course to achieve financial closure by March 2009.

Its consortium partner IL&FS was negotiating with different banks and 60 per cent of the loan component had already been tied up.

The Maytas-led consortium comprises Nava Bharat Ventures Ltd, Italian-Thai Development Plc and IL&FS.