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| Have enough cash to execute the orders in hand: Maytas Infra |
| Press Trust of India / New Delhi Jul 16, 2009, 20:26 IST |
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Maytas Infrastructure, the company promoted by the son of Satyam founder B Ramalinga Raju, today said its cash position is comfortable to execute the orders it has, worth Rs 8,000 crore.
"The company still has an order book of Rs 8,000 crore. These projects should be executed over the next three years. We are confident and have a comfortable cash position to execute the products (over that period)," a senior official of the firm told PTI, but did not wish to be identified.
The infrastructure firm, which this month lost the Rs 12,000-crore Hyderabad Metro Rail Project after it failed to tie up funds, said, "None of the orders that were cancelled were on the grounds of (non-performance). They went because the company was facing a cash-crunch."
However, things have started improving now.
The cash-starved firm got a lifeline when a consortium of 18 banks approved the corporate debt restructuring (CDR) package for it.
As part of this, Maytas will get Rs 100 crore as working capital, besides more time to repay loans. The company will also get a Rs 200 crore non fund-based loan, which will help it in infusing liquidity, accelerating the pace of execution of projects.
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