Maytas Infra board holds talks with banks, IL&FS

HYDERABAD: The board of Maytas Infra Limited met here on Friday under the chairmanship of K Ramalingam, and Anil K Agarwal, O P Vaish and Ved Jain, all government-nominated directors, along with Teja Raju, vice-chairman and whole-time director and B Narasimha Rao, the whole-time director, according to a company release.

The board had extensive discussions on the business plan, orders in hand and under execution. More importantly, it also had discussions with bankers as well as the chairman of Infrastructure Leasing and Financial Services, Ravi Parthasarathy, amid reports that it appears set to take over Maytas Infra soon.

The acquisition could be through the creeping route or through open public offer. CLB had decided on February 27 not to allow IL&FS even a board representation saying that there was an inherent conflict of interest in it being both a significant shareholder in the company and a significant creditor.