Hyderabad, July 02: With the State Government signalling that it intends to cancel the metro rail contract awarded to Maytas Infra Ltd-led consortium and invite fresh bids, the company is reportedly planning to divest its stake, fully or partially.
Entry of a big company, which could play the role of a lead partner in the place of Maytas, may help the Rs 12,000-crore project to take off. Sources said Maytas Infra management is holding talks with interested parties, including Reliance Energy, one of the companies shortlisted during the bidding process. A decision on stake sale is expected tomorrow when the Maytas board meets in Delhi.
When the concession agreement was signed with the State Government in September, 2008, Maytas owned 26 per cent, Nava Bharat Ventures held 16 per cent, State Government (11 per cent) and IL&FS and Ital-Thai (five per cent each). The remaining 37 per cent is held together by the consortium.
“The company may either reduce the entire 26 per cent stake or part of it,” a company official said declining to divulge further details.
In March this year, Maytas sought a six-month extension to achieve financial closure but the government refused to do so.
–Agencies–