The Maytas Infra board will meet on July 18 in Hyderabad to discuss whether to participate in the bidding for building the Hyderabad Metro Railway project, for which the Andhra Pradesh government has decided to invite fresh bids.
The chairman of Hyderabad Metro Rail Ltd, CVSK Sarma had told FE that Maytas Infra can participate in the fresh round of bids.
Ved Jain, board of director, Maytas Infra said, ?The board of Maytas Infra is going to meet on July 18 in Hyderabad. We are going to discuss the existing projects and also take up the issue of Hyderabad metro. We have started working on the proposal to be presented before the state government. We are working at our level to convince the state government to reconsider us for the Hyderabad metro project?.
The state government had last week cancelled the Maytas contract after the company failed to achieve financial closure even after the deadline. The Andhra government on Monday decided to call for fresh bids for the over Rs 12,000 crore Hyderabad Metro Rail Project, the global tendering process for which will begin on July 16 and be over within 120 days.
The board of Maytas Infra had recently said that the company is in a position to execute the existing projects and also take up the new ones after getting the corporate debt restructuring (CDR) package approval. Maytas Infra got the nod for the CDR package worth Rs 1,600 crore in the first week of July. The 18 banks, which have exposure to the company, have also come forward to extend Rs 100 crore loan towards working capital requirements and another Rs 200 crore towards bank guarantees immediately. And yet again in three months, they would offer loan of Rs 100 crore towards working capital and Rs 200 crore towards bank guarantees.
Some of the prime lending banks of the infrastructure company include SBI, IDBI Bank and others.