Companies revoke contracts with Maytas Infra

Mumbai: Maytas Infra has lost contracts from state-run Power Grid Corp of India and parted ways with joint venture partner KVK Energy and
Infrastructure.

Maytas is founded by the family of Ramalinga Raju, former chairman of fraud-hit Satyam Computer Services.

Power Grid has decided to revoke seven rural electrification contracts awarded to Maytas Infra. The projects with a combined value of Rs 395 crore, were awarded to Maytas Infra in Orissa and West Bengal.

'Orissa and West Bengal have asked us to revoke the contracts given to Maytas,' newspaper quoted an unnamed Power Grid official.

Hyderabad-based KVK Energy & Infrastructure has parted ways with Maytas in setting up a 1,050 megawatt thermal power plant in Orissa under the banner of KVK Nilachal Power Pvt Ltd.