01-12-2009, 04:27 AM
<b>Satyam sibling, Maytas, looks in trouble now</b><!--QuoteBegin-->QUOTE<!--QuoteEBegin-->His comments came amid growing criticism that the proximity of disgraced chairman of Satyam, B. Ramalinga Raju, to the political class helped Maytas leapfrog from a little-known construction company into an infrastructure conglomerate.
From building irrigation facilities and residential townships to constructing ports, Maytas has been on a winning streak for the past couple of years.
The 20-year-old company's annual turnover rose eight times in just three years â from Rs 220 crore in 2005-06 to Rs 1,670 crore in 2007-08.
Last year, it won more than Rs 18,000 crore in contracts, including the Rs 12,000-crore Hyderabad Metro Rail project and a port project in Machilipatnam (Rs 1,600 crore).
Raju's eldest son, Teja Raju, runs Maytas, which is Satyam spelled backward. The rise and rise of Maytas Turnover:
"It has been among the favoured companies of the political leadership here," said EAS Sarma, a former secretary in the Union finance ministry. "In many cases, there wasn't much of competitive bidding. It was done almost on a nomination basis."
<!--QuoteEnd--><!--QuoteEEnd--><!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Rs 223 cr in 2005-06
Rs 601 cr in 2006-07
Rs 1,671 cr in 2007-08
<b>Orders in hand</b>
Engineering, procurement and Construction (EPC) contracts: Rs 11,000 cr
Build-Operate-Transfer projects: Rs 18,000 cr
<b>Ongoing projects:</b>
56 projects in 14 states
<b>Prized Catch:</b>
Hyderabad Metro Rail Project : Maytas leads a consortium to build the Rs 12,000 crore project in five years.
Awarded in August 2008
Machilipatnam Port Project: Rs 1,600 cr
Godavari Drinking Water Project: Rs 800 cr
Founded in 1988, the company was largely focussed on irrigation, realty and roads projects until three years ago. It has since diversified in a big way into airport, road transportation, ports and power. <!--QuoteEnd--><!--QuoteEEnd-->
YSR Reddy and Congress everywhere is written on this scam.
From building irrigation facilities and residential townships to constructing ports, Maytas has been on a winning streak for the past couple of years.
The 20-year-old company's annual turnover rose eight times in just three years â from Rs 220 crore in 2005-06 to Rs 1,670 crore in 2007-08.
Last year, it won more than Rs 18,000 crore in contracts, including the Rs 12,000-crore Hyderabad Metro Rail project and a port project in Machilipatnam (Rs 1,600 crore).
Raju's eldest son, Teja Raju, runs Maytas, which is Satyam spelled backward. The rise and rise of Maytas Turnover:
"It has been among the favoured companies of the political leadership here," said EAS Sarma, a former secretary in the Union finance ministry. "In many cases, there wasn't much of competitive bidding. It was done almost on a nomination basis."
<!--QuoteEnd--><!--QuoteEEnd--><!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Rs 223 cr in 2005-06
Rs 601 cr in 2006-07
Rs 1,671 cr in 2007-08
<b>Orders in hand</b>
Engineering, procurement and Construction (EPC) contracts: Rs 11,000 cr
Build-Operate-Transfer projects: Rs 18,000 cr
<b>Ongoing projects:</b>
56 projects in 14 states
<b>Prized Catch:</b>
Hyderabad Metro Rail Project : Maytas leads a consortium to build the Rs 12,000 crore project in five years.
Awarded in August 2008
Machilipatnam Port Project: Rs 1,600 cr
Godavari Drinking Water Project: Rs 800 cr
Founded in 1988, the company was largely focussed on irrigation, realty and roads projects until three years ago. It has since diversified in a big way into airport, road transportation, ports and power. <!--QuoteEnd--><!--QuoteEEnd-->
YSR Reddy and Congress everywhere is written on this scam.