Maytas did not achieve financial closure: Minister
Failed to deposit performance guarantee amount
HYDERABAD : Municipal Administration Minister A. Ramanarayan Reddy has said the Maytas Infra “alone is ineligible” to participate in the fresh bids invited for the Rs.12,132-crore, 71.16-km Hyderabad Metro Rail project.
The rest of three firms in the earlier consortium led by Maytas, which bagged the contract to implement the project, that is Ital Thai, IL & FS and Navbharat, could, however offer their bids this time also but only by fulfilling all the formalities prescribed in the notification issued on Thursday inviting global tenders.
Talking to reporters here on Friday, the Minister said Maytas Infra had been barred from taking part in the tenders this time because it failed to achieve financial closure and deposit full amount towards performance guarantee after offering the lowest bid and leading the consortium.
Mr. Ramnarayan Reddy said the sum of Rs.71 crore deposited by the Maytas Infra towards guarantees had already gone into the credit of the government and it would not be returned under any circumstance.
Out of this amount, Rs. 60 crore was deposited by the company towards the Rs. 240-crore performance guarantee prescribed at that time and Rs.11 crore as a token of the first instalment of the Rs. 31,000 crore profit promised to the government out of the metro rail project over a period of 35 years.
The Minister affirmed that the entire process of finalising the tenders for the mega project would be completed and works grounded through a new consortium from November 15.
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