The board of directors of Maytas Infra today said they have managed to put the company on the road to stability through intensive review, interactions and consultations with stakeholders.
The board, headed by Chairman K Ramalingam and comprising government-appointed directors O P Vaish, Ved Jain and Anil K Agarwal, has during the last three months ensured the company's credibility is restored amongst the lenders, customers, partners, analysts, various government bodies and the employees, a Maytas Infra release here said.
The directors appointed SBI Capital as the company's financial advisor for restructuring its debt involving 18 lenders. The board reached out to the top management of leading banks, namely ICICI, SBI, IDBI and others and got the CDR (corporate debt restructure) package approved, it said.
This is a major milestone in turning around Maytas Infra, as it will ease the liquidity crunch thereby enabling faster execution of projects on hand and also facilitate the company to bid for new ones, the release said.
Maytas, linked to the founders of fraud-hit Satyam Computer, has a healthy order book of Rs 7,525 crore.
Since Maytas is already qualified for most of the transportation, power, buildings and irrigation projects, CDR package approval will help the company bag more projects-- a key for continuity of its business, it said.
