The fact it is promoted by kin of disgraced Satyam founder Ramalinga Raju is continuing to haunt Maytas Infrastructure,although it has a healthy order book of Rs 8,000 crore and is no longer run on a day to day basis by Teja Raju. "We feel pained by the continuous equation of Maytas with Satyam,though they are two different legal entities. The only association is that it is promoted by Raju's son Teja Raju," one of the senior officials of the firm said,but did not wish to be identified. Teja Raju who is still the vice-chairman of the company does not look after the day to day activities. The company is run by the executives. Major decisions of strategic nature has to be cleared by the government-nominated independent directors,the official said. The infrastructure firm was this month stripped of the Rs 12,000 crore Hyderabad Metro Rail Project after it failed to tie-up funds. The official said the company still has an order book of Rs 8,000 crore. "These projects should be executed in the next three years," he added. None of the orders that were cancelled were on the grounds of performance. They went because the company was facing a cash-crunch. However,things have started improving now. The cash-starved firm got a lifeline when a consortium of 18 banks approved the corporate debt restructuring (CDR) package for the company. As part of this,Maytas will get Rs 100 crore as working capital,besides more time to repay loans. The company would also get Rs 200 crore non fund-based loan which will help it in infusing liquidity,accelerating the pace of execution of projects and bidding for new projects. He said the company is scanning the market and as and when opportunities arise would bid for new projects. For meeting future fund requirements the company is also open to selling a part of its stake in the existing Build Operate Transfer projects. "We plan to raise about Rs 450 crore in another three years by selling a stake in our existing projects," he added. The listed company came into news after the proposed merger of Satyam with Maytas Infrastructure. Since then,Maytas Infrastructure has been facing troubles. However,the government acted swiftly in the case of Maytas Infra and appointed four directors,former chairman of Airports Authority of India,K Ramalingam as chairman,former president of Assocham Anil K Agarwal,tax lawyer O P Vaish and former president of Institute of Chartered Accountants of India Ved Jain on the board of Maytas Infra. The board also restructured the company management. The new board has been meeting on a regular basis to strategise and put Maytas back on track.
