Hirco scraps deal with Maytas Infrastructure

MUMBAI: Hiranandani group firm Hirco on Friday said it has scrapped the sub-contract given to Maytas Infrastructure for its Chennai township project in order to protect its reputation and financial interest.

"We cancelled the deal in order to protect our financial interest and reputation," Hirco Executive Director Aniruddha Joshi said.

Maytas Infrastructure is promoted by the scam-tainted Satyam Chairman B Ramalinga Raju's elder son. Joshi said that Hirco had given a part of the sub-contract to Maytas Properties for its Chennai township project.

He, however, declined to give the financial details of the sub-contract. "We have a number of sub-contractors who can finish the job.

We are talking to them. We may even give it back to Maytas," Joshi said.

Hirco had signed the deal with Maytas in November last year and terminated the contract earlier this month.