'Maytas to tie up funds for metro project in 3 mths'

Maytas Infra Limited, the infrastructure development company promoted by the family of Satyam Computer Services founder Ramalinga Raju, is expected to achieve financial closure for the Hyderabad metro rail project in about three months, according to government-nominated board member Ved Jain.

“We met the government representatives including the chief secretary for extension of time for the financial closure. However, there is no categorical assurance from them. We have asked our company officials to work towards achieving financial closure for the metro rail project in about three months,” Jain told Business Standard.

The board had sought six months’ extension from the Andhra Pradesh government for achieving financial closure for the Rs 12,132 crore project.

The company was to achieve financial closure for the project on March 17, 2009.

On the CEO hunt for the company, Jain said the government appointed presidents – CS Bansal and Rajendra Nimje – were currently taking care of the company affairs and the company had no plans to hire a CEO immediately. On the observations made by an NGO that no other consortium members hold shares in Maytas Metro, Jain said they will be defined once the financial closure is achieved.