Maytas in restructure talks with lenders

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Maytas Infra Ltd
New Delhi, May 6: Cash-strapped builder Maytas Infra Ltd is negotiating with its 17 lenders, including State Bank of India (SBI), according to official sources.

"We have appointed certain committees. We will have a project management committee. We have also constituted an audit committee, banking and financing committee and the legal committee and in these committees, the project management committee... We have also included others like ILFS, ICICI bank, SBI. Our main task is to evaluate the project and restore the confidence with the customers and vendors," said K Ramalingam, Chairman, Maytas Infra Ltd, at a news conference in New Delhi.

The company will hire SBI Capital Markets to implement the restructuring.

The board was expected to pursue five billion rupees in receivables from customers as part of a mandate to revive the company that has seen orders being cancelled and customers worrying over the company's credibility.

Maytas, which is controlled by the family of Satyam's former chairman Ramalinga Raju, has orders worth 85 billion rupees.

It was also awarded a 150-billion-rupee metro project in Hyderabad, but Maytas missed a deadline to tie up funds for the project.

The company has been under the government's scanner since early Jan when Raju resigned from Satyam after revealing profits at the outsourcer had been falsified for years.

ANI

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