International BusinessMaytas Properties looking at stake sale: Govt director
Maytas Properties, the real estate firm promoted by Satyam founder Ramalinga Raju’s younger son B Rama Raju, is looking at offloading a stake in the Maytas Hill County residential project. The company needs about Rs 150-200 crore to complete the project.
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“We are looking for a strategic partner for the project,” Ved Jain, the government-appointed member on the board of Maytas Properties, said.
The company is also willing to pay interest which will be more than commercial rates while borrowing funds, he said adding that it was in talks with banks and financial institutions to raise Rs 100 crore to complete the project.
“There is a delay in handing over the project to customers. Fund flow is a big problem. Things should get sorted out in a month,” he said.
Members who have purchases flats and independent houses at Hill County have held protests at the residences of the promoters and also went on an indefinite hunger strike, demanding that the management give a concrete assurance for completing the project.
They feared that Enforcement Directorate, Serious Fraud Investigation Office, state government and other agencies would attach the Hill County property as part of the investigations into the Satyam saga. They said they paid EMIs in the range of Rs 50,000 and Rs 1,00,000 without taking possession of the properties.