Urban Development Minister Anam Ramnarayana Reddy said the state government decided to cancel the project as the company failed to achieve financial closure by the March deadline.
Maytas bagged the Rs.12,000-crore project by offering to give about Rs.30,000 crore to the government over 30 years.
Company chairman K. Ramalingam had met Chief Minister Y.S. Rajasekhara Reddy recently but could not guarantee financial closure or performance.
Reddy said the Rs.71 crore that Maytas had paid would not be returned, and that a detailed plan for the project would be announced July 13.
--~--~---------~--~----~------------~-------~--~----~
Safe Harbor:
The information contained and provided on this Website provides Investment advice for the education of investors. The posts are an information service only. Recommendations, opinions or suggestions are given with the understanding that readers acting on this information assume all risks involved. We do not assume any responsibility or liability resulting from the use of such information, judgment and opinions for Trading or Investment purposes.
You received this message because you are subscribed to the Google Groups "Investors Please Listen !" group.
To post to this group, send email to investorspleaselisten@googlegroups.com
To unsubscribe from this group, send email to
investorspleaselisten+unsubscribe@googlegroups.com For more options, visit this group at http://groups.google.com/group/investorspleaselisten?hl=en
-~----------~----~----~----~------~----~------~--~---
No comments:
Post a Comment