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HYDERABAD: That Maytas Infra was a favoured company of the present Andhra Pradesh government is an open secret, but those in the know of things
also are not unaware about the good standing of Gammon India with powers that be. Highly placed sources now say that Gammon India is now in the race for taking over Maytas Infra.
This follows the declaration of the Raju family to the stock exchanges
that their entire shareholding in Maytas Infra has been pledged to lenders. With the Rajus being in the dog house it is only a matter of time before these shares are sold off by the lenders.
Gammon India which is the process of executing many contracts in the state but had hogged the limelight two years ago when an under construction flyover had collapsed in Hyderabad is being suported by two small time local players in this endeavour. Sources say that these two players: Ritwik Projects and SEW Infrastructure (formerly SEW Constructions) are jointly trying to acquire Maytas with Gammon for the time being in the background.
The logic of the takeover bid is that Maytas a virtual damsel in distress now has lot of projects both in and outside the state. "This is an easier and quicker route to get a slice of the action and grow," pointed an industry analyst. He added that financial institution.
IL&FS too is joining the trio and is in talks for the purpose. IL&FS owns a part of the pledged shares of the Rajus. Sources, however, said that the suitors are seeking indemnity from actions taken by the previous management before they take the plunge.
Sources:-
By Economic times
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