Hyderabad, July 19: Maytas Infra, promoted by the kin of Satyam founder Ramalinga Raju, may see a turnaround in fortunes by end of 2011, says the new management. The current management is also hopeful of recovering Rs 325 crore, which it says is owed to it by Satyam Computers. “When we took over it, Maytas Infra was a completely devastated company. But in six months, we are halfway through by bringing in money to the company and restructuring a major chunck of its debt. So we hope that by the end of 2011, Maytas would be in good financial health,” Maytas Infra chairman, Mr Ravi Parthasarathy, told reporters after the company’s extraordinary general body meeting on Monday. Mr Parthasarathy, however, refused to speculate on the company’s return to profitability.
Mr Parthasarthy is also hopeful of getting back the company’s money, which its erstwhile promoters had lent to Satyam. “We had given Satyam specific forensic trails of Rs 325 crore to its bank accounts. The Maytas money was transferred to Satyam Computers through front companies.” As a beneficiary of the money, Satyam should tell us how it got this money, he said. “If a company gets some amount, it has to be either capital, gift, revenue or debt. There can’t be any fifth category,” he said.
Earlier in the day, the EGM of Maytas Infra shareholders approved four resolutions, which include approvals to expand share capital, the induction of Saudi Binladin Group as a strategic investor and a corporate debt restructuring (CDR) package. Maytas would tap construction opportunities in the Gulf through a partnership with the Binladin Group, where it will hold a 55 per cent stake.
Mr Vimal Kaushik, the managing director, said the company will work aggressively for bagging new contracts after CDR master rest-ructuring agreement (MRA) is approved by lenders probably in in 60 days.