Confident of reviving the beleaguered Maytas Infra, company Chairman K Ramalingam today said the firm has sought six more months from the Andhra Pradesh Government to arrange finances for the prestigious Rs 15,000-crore Hyderabad Metro project.
The company, promoted by the kin of Satyam Computer's founder Ramalinga Raju, was originally scheduled to go for financial closure of the project by mid-March.
"We see that the company is on a recovery path... Maytas Infra has written to the Andhra Government for the extension (of the financial closure in metro project)," Ramalingam told reporters here.
Ramalingam did not rule out the possibility of stake sale, even though the company does not need a strategic partner as of now.
"We are not ruling out stake sale in future. We are not foreclosing any option as regard stake sale in future but right now we don't see (the need for) any strategic partner; we are focusing on a revival plan," he said.
On the revival plan, the Chairman said the company has an outstanding debt of approximately Rs 1,700 crore and an order book of more than Rs 8,500 crore, apart from the Hyderabad Metro Rail Project, worth Rs 15,000 crore.
More From This Section
Ramalingam said the order book has shrunk due to the global financial meltdown and developments in the wake of the disclosure of fudging of accounts in Satyam Computer.
"We have interacted with senior executives and we have been finding ways as to how to revive the company. The company has very good professionals, it can be revived, we have started evaluating the projects," he said.
He said the company has formed four committees which will focus on their respective areas of project management, audit, banking, finance and legal.
"We have done draft plans for restructuring and we have started meeting the customers to assure them," he said. PTI