Andhra Pradesh cancels Metro contract awarded to Maytas
July 7th, 2009 - 3:24 pm ICT by IANS
Hyderabad, July 7 (IANS) The Andhra Pradesh government Tuesday said it has cancelled the Hyderabad Metro rail project contract awarded to Maytas Infra, run by the family of former Satyam chairman of B. Ramalinga Raju.
Urban Development Minister Anam Ramnarayana Reddy said the state government decided to cancel the project as the company failed to achieve financial closure by the March deadline.
Maytas bagged the Rs.12,000-crore project by offering to give about Rs.30,000 crore to the government over 30 years.
Company chairman K. Ramalingam had met Chief Minister Y.S. Rajasekhara Reddy recently but could not guarantee financial closure or performance.
Reddy said the Rs.71 crore that Maytas had paid would not be returned, and that a detailed plan for the project would be announced July 13.
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Tags: anam, andhra pradesh government, b ramalinga raju, chief minister, closure, company chairman, development minister, maytas, metro rail project, project contract, ramalingam, state government, urban development
