Maytas Infra wins Rs.1.1-bn Railway contract
January 6th, 2009 - 6:24 pm ICT by IANSNew Delhi, Jan 6 (IANS) Infrastructure development company Maytas Infra, which was embroiled in a major controversy last month over its acquisition by Satyam Computer, has bagged a Rs.1.1-billion (Rs.110-crore) contract from Southern Railway, the company said Tuesday.As per the contract, Maytas will double the broad gauge track between Chengalpattu and Villupuram, two districts in Tamil Nadu, the company said in a statement.
The project is to be executed within 18 months.
“This project, once completed, will aid the Southern Railway significantly in easing the traffic flow between Chengalpattu and Villupuram,” Maytas Infra chief financial officer V.V. Rama Raju said.
Satyam founder-chairman B. Ramalinga Raju’s sons - Rama Raju and Teja Raju, run the Hyderabad-based Maytas Properties and Maytas Infra.
Satyam had to call off its proposed acquisition offer of both Maytas companies after investors and analysts protested against the top management’s decision to “bail out” the cash-strapped infrastructure firms.
The fiasco had resulted in market regulator, Securities and Exchange Board of India (SEBI), ordering an enquiry into the whole deal to find if corporate governance norms were violated.
- Satyam bid for Maytas draws brickbats (Lead) - Dec 17, 2008
- Satyam acquires infrastructure firms for $1.6 bn - Dec 16, 2008
- Maytas Infra chairman resigns, cover-up feared (Lead) - Jan 08, 2009
- Government to remove two Maytas firms' directors (Lead) - Feb 18, 2009
- Satyam founder Raju under fire for bid to buy sons' firms (Roundup) - Dec 17, 2008
- Maytas board approves corporate debt restructuring package - Apr 29, 2009
- Maytas Infra files criminal case against Vedanta - Feb 26, 2009
- Raju's family firms deny receiving funds from Satyam (Lead) - Jan 20, 2009
- Maytas seeks more time for Hyderabad Metro project - Jun 18, 2009
- Maytas' legal notice to Vedanta for encashing bank guarantees - Feb 05, 2009
- Ramalinga Raju: From Andhra's pride to disgrace (Profile) - Jan 07, 2009
- Satyam's UK client files lawsuit over aborted Maytas buyout - Dec 19, 2008
- Maytas chief executive resigns from board (Lead) - Jan 19, 2009
- Satyam scrip plunges though it calls off Maytas deal (Lead) - Dec 17, 2008
- Rajus pledged their holding to lenders, reveals Maytas - Feb 09, 2009
Tags: b ramalinga raju, broad gauge, corporate governance norms, gauge track, infrastructure development, maytas properties, rama raju, securities and exchange board of india, southern railway, villupuram