Maytas Infra has signed a deal with Concept 2 Commissioning Consultants from Singapore, to raise Rs 240 crore and thereby, retain the metro rail project.
In a petition to the Andhra Pradesh High Court challenging the state government's move to re-tender the metro rail project, Maytas Infra has reportedly has claimed that the consultancy firm has agreed to invest Rs 240 crore that could be used as a performance guarantee.
But the High Court on 28 July 2009, ordered status quo on the state's move to cease the Hyderabad metro rail contract with a consortium led by Maytas Infra, signaling a possible setback for the company.
Source : ProjectsToday
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