March 17, 2009
The IT industry in Hyderabad has taken a hit thanks to Ramalinga Raju. And now, the city's wait for decongestion in traffic gets longer thanks to his son Teja Raju who owns Maytas Infra.
The nearly bankrupt construction company has not shown any signs that it can execute the project costing Rs 12,000 crore.
They have to provide a bank guarantee of Rs 240 crore to the government on the day of financial closure, March 17.
"There will be a lot of suspicion if they submit any document as they will have to make it available to the public. How will they managed it?" said C Ramchandriah, a member of Citizens for a Better Public Transport.
The government now has two options -- scrap the deal or extend the date of closure, something Maytas would want. But the latter would only invite criticism of a deal between Chief Minister YS Rajasekhara Reddy and the Raju family, which would be a no-no at election time.
Sources say that Maytas Infra, owned by Ramalinga Raju's son Teja Raju has in the last two months laid off professionals working on this very project and has been unable to even pay salaries. It is an indication that the Metro rail project in Hyderabad has derailed even before it started.
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