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Rediff News  All News  » Business » Maytas proposes RIL Infra as partner for Metro project

Maytas proposes RIL Infra as partner for Metro project

July 01, 2009 15:19 IST
Maytas Infrastructure, majority-owned by the family of scam-hit IT firm Satyam's disgraced founder B Ramalinga Raju, is believed to have proposed bringing in Reliance Infra as a partner in the prestigious Rs 12,200-crore (Rs 122 billion) metro rail project in Hyderabad.

While Reliance Infra's position on willingness to join the consortium could not be ascertained immediately, sources said that some of the Maytas officials had approached Anil Ambani group firm last week on the issue.

Late on Tuesday night, Maytas Infra chairman K Ramalingam met Andhra Pradesh Chief Minister Y S R Reddy and proposed a re-grouping of the consortium for the Hyderabad metro project, sources added.

In the proposed structure, Reliance Infra could be given as high as 84 per cent stake, while Maytas' holding could fall to as low as 16 per cent, sources said.

While a spokesperson declined to comment on the development, Reliance Infra chief Lalit Jalan had previously said that the company would consider bidding for the project, if the government calls for fresh bids.

Maytas Infra spokesperson could not be reached for comments.

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