The Satyam Computers saga has raised serious doubts over the ability of Maytas Infra to raise funds for the Rs 12,000 crore-plus Hyderabad Metro Rail Project and the Rs 1,590-crore Machilipatnam Port project. While the company officials claim that ?it is going to be business as usual?, industry insiders feel the going is to be little tough for both the infrastructure company and the real estate entity, Maytas Properties. Reacting to a query on the fallout of Ramalinga Raju’s admission of the fraud, a spokesperson for Maytas Infra said, “Maytas Infra is a publicly-listed, independent company run by a strong professional management team. Developments at Satyam do not impact the operations of Maytas Infra.?

Maytas Properties CEO K Thiagarajan said: “Ramalinga Raju doesn?t have a stake in Maytas Properties. Maytas Properties is an independent company run by a strong professional management team. It is business as usual.?

However, the cross-section of industry players and experts Fe spoke to concurred on one thing: the Satyam fiasco will not only affect Maytas Infra and Maytas Properties, but would also cast a dark shadow on the entire business community in India. The real estate and infrastructure industry is already under pressure given the liquidity crisis. “In the backdrop of the Satyam episode and the market condition, the going will be tough. Maytas Infra will find it difficult to raise money for the Metro project,” said an industry hand.

Right from the time the Satyam episode came out in the open, officials at both Maytas Infra and Maytas Properties have been shouting from the rooftops they have no connection with Satyam. Maytas Infra has gone on to say the company would be able to achieve financial closure for the Hyderabad Metro Project by March 2009 as per schedule. The company has sought the help of its consortium partner IL&FS in this exercise. According to an industry player, “When such problems strike iconic companies such as Satyam and iconic leaders like Ramalinga Raju, the credibility of the entire industry goes for a toss. This episode is bound to affect Maytas Properties? relations, including bank and legal relations. For Maytas Infra, obtaining financial closure for the Metro Rail project will be a Herculean task.?