Maytas Infra has declared its joint venture with the Saudi Arabia-based Saudi Bin Laden Group (SBG) Projects Investments. The Saudi based company will be the co-promoter of this venture along with the Indian Inc.
According to the Maytas officials this will help the Indian company to establish its stand at the Gulf region. It is hopeful to utilize the Saudi company's experience in this country. Both the companies have accepted that the joint venture enterprise will be in action.
The shares of Maytas Infra today hit a 52-week high on news that the infrastructure major is selling 20% equity stake to the Saudi Binladin Group (SBG) through a preferential allotment of shares.
In a regulatory filing, Maytas said, "The company proposes to issue and allot to SBG Projects Investments Ltd. (a member of the Saudi Binladin Group) 15,459,133 equity shares, representing 20 percent of the post-issue paid up equity share capital of the company."
Maytas Infra Private Ltd, one of the leading Infrastructure Development, Construction and Project Management Companies in India, has secured the Pune-Sholapur road contract worth Rs 790 crore from IL&FS Transportation Networks Ltd.
The company has received the order for four-laning of Pune-Sholapur section of NH-9 on a DBFOT (Design, Build, Finance, Operate & Transfer) basis. The project is to be completed in 20 months.
Trouble hit Maytas Infrastructure Limited, the firm run by B Teja Raju, son of disgraced Satyam Computer Chief B Ramalinga Raju, suffered a net loss of Rs 489.79 crore during the financial year 2008-09 ended March 31 as compared to net profit of Rs 99.64 crore for the last year.
Maytas Infra Ltd, owned by family of fraud-hit Satyam Chief B Ramalinga Raju is going to sell its stakes in Cyberabad Expressway Pvt. Ltd and Hyderabad Expressway Pvt. Ltd to Neco group's Terra Projects in a bid raise funds to meet its financial needs.
Initially, the firm, having 50 per cent stakes in each project, will sell 36 per cent shares in both projects, generating an amount about below 2 billion rupees. The remaining shares in the road project are owned by Gayatri Projects Ltd.