The Andhra Pradesh government will probe the financial position of Maytas Infra, promoted by Satyam's ex-chief B Ramalinga Raju's sons.
The Andhra Pradesh government will probe the financial position of Maytas Infra, promoted by Satyam's ex-chief B Ramalinga Raju's sons, and whether the company will be able to complete projects awarded to it, particularly the Hyderabad Metro Rail project.
State chief minister YS Rajasekhara Reddy, who has been camping in New Delhi, has directed state chief secretary P Ramakanth Reddy to look into the Maytas' affairs, following the Satyam chief's exit and the crash of the company's stock value.
Prime among the projects awarded by the state to Maytas include the Rs 12,200-crore Hyderabad Metro Rail, the Rs 1,600-crore Machilipatnam Deep Water Port and the Rs 170-crore Godavari drinking water supply scheme for Hyderabad.
Besides, Maytas is also executing several packages in major irrigation projects, like Polavaram, Gandikota, Thotapalli, Tadipudi, SRSP Flood Flow Canal and Bhupatipalem, worth a few thousand crores.
Though there is no concern, whatsoever, about the irrigation projects, government authorities here are apprehensive about the fate of the Hyderabad Metro Rail and
the Machilipatnam Port projects, given the current imbroglio surrounding Ramalinga Raju.
"Whether or not Maytas will be able to raise the required fund for these projects, is the prime concern. If it fails, the projects will be in a limbo," a high-ranking official
said.
Even last week, government officials were confident that the Satyam crisis would not, in any way, affect Maytas and the projects would well be executed as per schedule.
However, on Wednesday, the mood in the administration has visibly changed and a certain sense of scepticism was palpable.
The chief secretary will now keep a "close watch" on the happenings in Maytas and take "appropriate decisions," highly-placed government sources said.
The government, however, is not ready to write-off the Maytas projects as yet. "As of now, there is no need for a review of our project," a top official of the Hyderabad Metro Rail told.
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