Business Daily from THE HINDU group of publications
Monday, Jan 12, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Monday, Jan 12, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
|
|
|
|
|
Home Page
-
Infrastructure Corporate - Outlook Web Extras - Economic Offences States - Andhra Pradesh
Our Bureau Hyderabad, Jan. 11 The Andhra Pradesh Government has initiated a process to assess Maytas Infra capability to execute nearly Rs 30,000-crore worth projects in the State. This includes the Rs12,000-crore Maytas-led consortium projects of the Hyderabad metro rail, Machilipatnam port and several irrigation and road projects. This review follows the disclosures made by Mr B. Ramalinga Raju, ex-chairman of Satyam Computer and promoter of Maytas Infra and Maytas Properties. The State Chief Secretary, Mr Ramakanth Reddy, has been entrusted the task of analysing the implications of Satyam disclosures and their fallout on these two companies and also Maytas Infra’s ability to close finances for large projects in such circumstances. Addressing a press conference here on the Satyam probe, the State Chief Minister, Dr Y.S. Rajasekhara Reddy, said that the Chief Secretary will compile a status report on the company’s ability to close finances for major projects. In any case, he defended the award of contracts to the Maytas consortium. The award of the metro project was a transparent process handled by independent firms. According to the arrangement, a consortium partner is collectively and severally responsible for the execution of the project, he said. The Maytas Infra-led consortium holds 52 per cent stake in the Hyderabad metro project wherein Maytas Infra has 26 per cent, Nava Bharat (16 per cent) Ital Thai and IL&FS (5 per cent each) and the rest 48 per cent is to be mobilised. PRANAHITHADr Reddy said Maytas Infra projects include Hyderabad metro, Machilipatnam port, several road projects and Rs13,000 crore worth projects in the recently announced Chevella-Pranahitha lift irrigation projects. In the Machilipatnam port, Maytas Infra holds 38 per cent, SREI International (38 per cent), NCC and Sarat (11 per cent each). Of this, Rs 3,000 crore worth projects are now under execution, and efforts are under way to expedite the implementation of the Machilipatnam port, he said. SATYAM boardReferring to the Satyam disclosures, Dr Reddy said that his parleys with the Prime Minister, Dr Manmohan Singh, have resulted in swift action. As per requests, a board of three members headed by Mr Deepak Parekh has been constituted. Staff welfareFor the Government, the main concern is the welfare and future of 53,000 Satyam employees and all stakeholders. All necessary measures will be taken to ensure that the company does not face problems, he said.
The current CB-CID investigation does not prevent any other enforcement agency to act or interrogate and even book cases, Dr Reddy clarifying on if one probe hinders others from taking up investigations. On Mr Raju’s disclosures, Dr Reddy said “he was shocked. This was unimaginable and mind boggling as this comes from a man who pioneered IT business in Hyderabad and initiated several novel projects including emergency services.” Satyam to buy Maytas Infra, Maytas Properties for $1.6 b We’re well capitalised: Maytas Infra CFO Maytas secures mandate for Machilipatnam port Hyderabad Metro: What clinched it for Maytas consortium More Stories on : Infrastructure | Outlook | Economic Offences | Satyam Computer Services Ltd | Andhra Pradesh
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2009, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|
