Maytas may lose Metro Rail, Machilipatnam port projects

The Andhra Pradesh Government on Thursday disowned the biggest fraud in corporate sector in India that came to light in the multi-national Information Technology (IT) giant Satyam Computers with the confessional statement of its chairman, Mr Ramalinga Raju, but said that the two major projects awarded to Maytas, an associate of Satyam Computers, will be reviewed. The Minister for Finance, Mr K Rosaiah, told media persons after inaugurating the 41 st annual convention at the Acharya N G Ranga Agricultural University here on Thursday that the State Government has no role to play in salvaging the Satyam Computers. He, however, made it clear that the projects awarded to Maytas -- Metro Rail in Hyderabad worth about Rs 12,000 crore, the Rs 1,500 crore worth of Machilipatnam Deep Water Port and the drinking water supply project to the twin cities – will be reviewed.

“I can’t immediately say what will happen to these major projects. We will have to review them and a decision will be taken only after that,” Mr Rosaiah said hinting that the contracts might even be cancelled. He said as an Andhraite “I am feeling ashamed at the developments in Satyam Computers.” The Finance Minister is of the opinion that the monitoring mechanism has miserably failed to detect the Satyam fraud.