IL&FS Engineering and Construction (IECC), formerly known as Maytas Infra, today said its main shareholders, the IL&FS Group and Saudi Binladen Group (SBG), have reached a "tacit understanding" to provide Rs 9,000 crore worth of contracts to the company in the next three-years.
"The two partners will be providing contracts on arms length basis to IECC of (up to) Rs 2,000 crore each, aggregating to Rs 9,000 crore over a three-year period," a release issued here by the company said.
SBG has recently been awarded a $7 billion airport project in Jeddah and a Rs 350 crore rehabilitation project in Damam. "It is expected that a part of this project would be executed by the IECC-SBG joint venture company in Saudi Arabia... SBG will outsource its construction work to the JV."
The company already has an order book of Rs 2,500 crore, which comprises the Rs 900 crore Pune-Solapur highway project and the Rs 200 crore Gurgaon Metro Rail projects, the release added.
Maytas Infra, founded by B Ramalinga Raju of Satyam Computer, suffered because of the Satyam scam. Subsequently, the management of the company was taken over by IL&FS and the company was renamed.