Hyderabad, July 16, 2009: Maytas Infra Ltd has bagged Jajpur & Midnapore projects in 2008 from Power Grid Corporation of India Limited (PGCIL), through competitive bid process and in its own right as a competent infrastructure company. Maytas has quickly mobilized the teams at most of the packages to execute the projects and currently the execution is progressing well. As per earlier contract between Power Grid Corporation of India Limited (PGCIL) and Maytas Infra for execution of Rural Electrification works, PGCIL was bound to release the mobilization advance against the Bank guarantees provided by Maytas. But, due to the recent developments, PGCIL has delayed release of the advance which is impacting the work progress.

The Board recently requested MCA to intervene and advise PGCIL for release of funds as per contract. The Board showcased the ability of Maytas to execute these projects. And MCA after reviewing various steps taken by Maytas, it has recommended that PGCIL should allow the company to work and also release the payments.

Maytas Infra is awaiting a response from PGCIL board, which is expected to take a decision shortly. Maytas is fully committed to help PGCIL achieve its goals, and the proactive mobilization & execution by Maytas only vindicates the commitment