Open to stake sale in future, says Maytas infra

5 May 2009, PTI

NEW DELHI: Maytas Infra, promoted by the kin of Saytam Computer's disgraced founder Ramalinga Raju on Tuesday said it is open to the possibility of a stake sale in future, even though it does not need a strategic partner now.

"We are not ruling out stake sale in future... We are not foreclosing any option as regards stake sale in future, but right now, we don't see (the need for) any strategic partner, we are focusing on a revival plan," Chairman of the company K Ramalingam told reporters here.

At present, promoters and promoter group hold close to 85 per cent stake in the company, he added.

He said the company is currently working out a revival plan and has already appointed SBI Capital Market for Corporate Debt Restructuring (CDR).

The board has also restructured the management of the company by appointing two presidents -- C S Bansal and Rajendra Nimje, who will spearhead the company.

As for the current position of the company, the Chairman said it has a healthy order book worth over Rs 8,500 crore, excluding the Rs 15,000-crore Hyderabad Metro Rail project.

Financial closures for Rs 8,500-crore projects have already taken place and they are expected to be completed in the next 24 months, a government-appointed director Ved Jain, said.

Jain added that existing funds are sufficient to carry out the projects. Of the Rs 8,500-crore projects, Rs 5,000 crore are for irrigation projects, which are not on Built-Operate- Transfer basis.