Hyderabad, July 09: The Andhra Pradesh government yesterday scrapped the Rs122.30 billion (Dh8.86 billion) Hyderabad Metro Rail contract awarded to a consortium led by Maytas Infra, the company owned by the family of disgraced Satyam founder B. Ramalinga Raju.
The deal was scrapped after the consortium failed to achieve the financial closure even after the government extended the March 17 deadline to July 6.
Chief Minister Y.S. Rajasekhara Reddy said the government planned to access funds from Indian Infrastructure Financial Co to execute the project.
Maytas and its partners Navbharat Ventures, Ital Thai and IL&FS bagged the project in a global bid last year after offering to give over Rs300 billion to the government over a 35-year concession period.
A high-level meeting on July 13 will decide whether to go for global re-tendering or seek central assistance to execute the project.
-IANS