Hyderabad, July 19: Maytas Infra is still in the race for the prestigious Hyderabad Metro Rail project even after the State Government cancelled the MoU signed with it earlier and called for fresh global bidding. The company directors announced on Saturday that it was still pursuing the project with the Government and might even participate in the fresh bidding. The announcement came a few days after the company board and lenders approved the Corporate Debt Restructure (CDR) package of Rs 1,600 crore. Maytas Infra officials feel that it is capable of executing such projects as the crisis-hit company is ‘‘on the road to recovery’’. However, no decision has been taken on the partners to be included in the consortium which will bid afresh for the project.
During the earlier bidding, the consortium led by Maytas Infra had won the project and entered into an MoU with the State Government. However, its failure to achieve financial closure even after the extension of the deadline prompted the Government to cancel the deal.
Speaking to newsmen here, Maytas Infra director Ved Jain said: ‘‘We are not out of the race.’’ The Rs 100-crore working capital approved by the bankers
is expected by the end of July, he said.
Meanwhile, the company is also holding discussions with the State Government for extension of the deadline for financial closure of the Machilipatnam Port project by a couple of months. The company is also confident of executing all the irrigation projects awarded by the State Government.
–Agencies–