Maytas Infra has received a new lifeline. The company has bagged a road project worth Rs 790 crore, the biggest after it got tangled in the Satyam crisis and lost several projects including the prestigious Hyderabad metro rail one.
Maytas Infra on Thursday announced that it has been awarded the Pune-Sholapur road contract by the IL&FS Transportation Networks (ITNL). Work for a part of the National Highway 9 in Maharashtra was awarded to ITNL by the National Highways Authority of India.
The DBFOT (design, build, finance, operate and transfer) project will be complete in another 20 months.
The company had submitted its competitive offer to ITNL in October this year. This project comes as a major break through for the company as it has not been able to bid for any contract in the last several months after the collateral damage suffered due to events related to Satyam.
This contract will go a long way in boosting the image of Maytas Infra in the market and restoring the confidence among its stakeholders, the company said.
The Company Law Board in September had handed over the firms controlling stake to the Mumbai-based financial institution IL&FS. Maytas Infra currently has an order book of Rs 7,100 crore.