The government nominated directors on the board of Maytas Infra are expecting the first round of funding assistance of Rs 100 crore loan and Rs 200 crore of guarantees from banks by the end of this month. This should take care of working capital requirements of the company and thereby accelerate the efforts taken to execute the existing projects and bid for newer ones.
Speaking to media persons in the city, government appointed chairman of the company K Ramalingam said the company has over Rs 7,500 crore of order book which would include irrigation projects, power, building and structures and railways. The board has created a separate cell with some professionals who would be constantly looking out for new business opportunities. It is a central team which would participate in tenders and bid for projects.
?While approving the CDR package, the banks had committed to fund Maytas Infra to meet the working capital needs. By the end of this month, we should be getting Rs 100 crore loan and Rs 200 crore worth guarantees and similarly within three months we expect yet another round of funding from banks. The company is committed to complete its existing process and this financial assistance from the banks would only further accelerate the process. Besides, it would also enable us to bid for new projects in sectors like roads, railways, oil and gas, ports, power and power transmission?, he said adding infact, Maytas Infra is qualified to bid for road projects worth Rs 2,800 crore in Arunachal Pradesh.
The company is on the revival path and as per the estimates of the board, during April-June 2009 the turnover of Maytas Infra stood at Rs 224 crore. On the one hand, efforts are on to execute the existing projects and on the other works are being taken up to bid for new projects.
?We are still pursuing with the state government of Andhra Pradesh for the Hyderabad Metro Rail project. But we have to work out our business strategies for the purpose?, said Ved Jain, government appointed director on the board of the company.