Private steel maker JSW today said that it will review the Rs 96-crore township project with Maytas Infra, a company run by the family of tainted Satyam founder Ramalinga Raju, who is being probed for the Rs 7,800-crore financial fraud
"We are reviewing the progress made by Maytas and will take a view within a week (whether to cancel the contract or not)," Sajjan Jindal-led JSW Group CFO Seshagiri Rao told PTI. The JSW Group, which is predominantly in the steel and the power sectors, had given the Rs 53.60 crore order to build a township at Vijaynagar in Karnataka in September 2007, by way of competitive bidding, to the infrastructure company promoted by the kin of B Ramalinga Raju, the disgraced former Satyam Chairman. Maytas Infrastructure bagged another order worth Rs 42.91 crore to construct the township in Ratnagiri in August 2008. The review comes barely a fortnight after the JSW Group expressed confidence in the beleaguered firm and had said it was "happy" with the progress on the two township projects amid reports that the infrastructure firm may see a mass cancellation of orders. Last week, power utility KVV Nilachal Power had informed the Orissa government that it could go ahead without its JV partner Maytas Infra in setting up the 1,200 Mw power project in the state. Maytas Infra has completed about 35 per cent of the work in Vijayanagar, where JSW Steel is expanding the capacity of its unit to about 7 metric tonnes per annum. Construction at the Ratnagiri site, where the group has a 1,200 Mw power project, has recently started. --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
