Karnataka Government Reposes Faith in Maytas Infra

Hyderabad, July 7, 2009: Placing great faith in IL&FS Engineering and Construction Company Limited’s project development cum execution ability, the Karnataka State Government has decided to retain it to develop its two greenfield airport projects at Gulbarga and Shimoga. The Union Ministry of Corporate Affairs had also written to the Karnataka State Government recommending the continuation of airports contracts to Maytas Infra. The Karnataka Government has stated that they have been reassured about Maytas Infra after having received the letter from the Centre.

Karnataka Government’s apprehension about the Company’s liquidity and credibility has been addressed by the reconstituted Board of Maytas Infra and the Corporate Debt Restructuring package recently approved by the lenders. Maytas Infra is confident about completion of these two projects within the revised timelines with construction starting by end of this month.

Speaking on this occasion, Chander Sheel Bansal, President, Maytas Infra said, “We are extremely delighted to hear about this news. We were always confident about our project development cum execution abilities, and this news is a great validation of this. We thank the Karnataka Government for its faith and belief in Maytas Infra and we look forward to executing these projects to its total satisfaction. We believe that Maytas Infra is surely re-establishing itself as a player to reckon with in the infra domain. This news emphatically re-establishes our credibility”, he said.