Maytas Infra wins Rs.1.1-bn Railway contractJanuary 6th, 2009 - 6:24 pm ICT by IANS
New 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.