MMTC backs out from Matyas project

January 16th, 2009 - 9:00 pm ICT by IANS  

Ramalinga RajuMumbai, Jan 16, (IANS) State-owned trading company MMTC Ltd has rolled back its decision to invest in a special purpose vehicle created by the Maytas group that is owned by the sons of disgraced Satyam promoter B. Ramalinga Raju, the company said Friday.The special purpose vehicle was to be used for setting up a multi-services special economic zone (SEZ).

“In view of the recent developments related to Satyam, who is the promoter of Maytas group, the board of directors have reconsidered our investment proposal and have decided to withdraw from the special economic zone,” MMTC, formerly known as Minerals and Metals Trading Corp, said in a regulatory statement.

The MMTC board had approved an investment of Rs.858.5 million last September for acquiring five percent stake in the proposed special purpose vehicle.

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