NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News  » Business » Hill County project: Maytas in talks with partners

Hill County project: Maytas in talks with partners

July 23, 2009 11:43 IST

Maytas Properties said on Thursday that it is in talks with some reputed developers who are willing to bring in the necessary funds to complete the construction of the Hill County Project.

Maytas Properties and its promoters are totally committed to complete the project and protect the interest of its key stakeholders, the company said on Thursday.

To this end, the promoters are providing additional tangible resources (inventory, receivables and other promoter assets) as collateral to the interested developers to make this happen, it said.

"Maytas Properties currently has inventory and receivables far exceeding the amount required to complete the construction of the project. If the necessary funds of Rs 100-150 crore (Rs 1-1.5 billion) are infused into the project, the company will not only become financially healthy, but will also pave the way for handing over of the completed properties to the customers," Maytas Properties' head-residential, R Sumith Reddy said.

"We are confident that our efforts will materialise at the earliest and all our stakeholders' interests are protected. Maytas Properties reiterates its commitment to its customers," he said.

© Copyright 2013 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.