Andhra Pradesh may review Maytas Infra projectsJanuary 9th, 2009 - 5:08 pm ICT by IANS
Chennai, Jan 9 (IANS) Andhra Pradesh Chief Minister Y.S. Rajasekara Reddy Friday said the government may take a re-look at projects awarded to Maytas Infra, run by the sons of former Satyam Computer chairman B. Ramalinga Raju.”The chief secretary is looking at the project viability. It includes the Metro rail project in which Maytas is a part,” Reddy told reporters here on the sidelines of Pravasi Bharatiya Divas, an annual convention of the Indian diaspora.
Raju resigned as chairman of Satyam Computer Services after confessing to huge financial fraud of Rs.7,000 crore (Rs.70 billion).
According to the chief minister, Raju is in Hyderabad and has conceded the fiasco would impact future investments in Andhra Pradesh.
On a possible bailout package for the software company, Reddy said the central government had to take a decision on this.
Terming Raju as an old friend, he said the fraud has come as a real shock to him. “None of us expected such a thing,” Reddy said.