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.

Meanwhile, a government nominated director on Maytas' Board; Mr. Anil Agarwal confirmed the development but declined to divulge the size of the deal. The decision to divest shares is said to have taken by four directors on Maytas Infra's six-member board nominated by the government.

Maytas will have to retain 14 per cent stake in both firms till the completion of the road project as per deal singed between Andhra Pradesh and Maytas Infrastructure Ltd, promoted by the family of Ramalinga Raju.

After the completion of both road projects Maytas can reduce its shareholding in both firms to 6 per cent.