Maytas to complete gas pipeline by mid-2008

Hyderabad-based Maytas Infra Limited has set a deadline of mid-2008 for its high pressure gas pipeline project in Gujarat.

The infrastructure development and construction company will construct a 30 inch, 110 kms long high pressure gas pipeline between Jamnagar to Rajkot, a project commissioned by Gujarat State Petronet Limited (GSPL) .

Work on the Rs 303 crore project has begun and will be completed by mid-2008, said P Chakrapani, Sr. Vice President - Business Development, Maytas Infra Limited. "This is our first oil and gas project as of now and we look to consolidate our business in this sector by completing the project on schedule," Chakrapani said.

According to Dr. Srinivas K Reddy, Group Head - Corporate Strategy & Leadership Development, the company is open to executing other platform and offshore oil and gas projects across the country.

The infrastructure company recently diversified its portfolio of construction projects to include civil construction projects in sectors such as power, industrial structures, oil and gas infrastructure, and railway. It is also identifying suitable partners in water and waste water management, special economic zones, urban infrastructure, ports and airports sectors.

Set up in1988, Maytas Infra now has a consolidated order book of Rs 3,589.3 crore in construction and 11 infrastructure projects in power, rail roads and other sectors.

Among these projects are an elevated highway on Bangalore-Hosur section of NH-7 in association with Bangalore Elevated Tollway, a 300 MW coal-based power plant in Orissa in association with KVK Nilachal Power and a 56 MW coal washery reject based power plant and a 2.5 million metric tonne per annum coal washery at Korba in Chhattisgarh in association with SV Power.

To fund these projects and to purchase construction equipment, the company is entering the capital market on September 27, 2007 with an initial public offering of 88,50,000 equity shares of Rs 10 each for a price band between Rs 320 and Rs 370 per equity share. The issue will close on October 4, 2007.