By 20 July, 2009

Maytas Infra Ltd, linked to fraud-hit Satyam, has decided to sell part of its stake in two expressway projects to generate liquidity, the Business Standard said on Monday without citing any sources.

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Maytas will initially sell 36 percent of its 50 percent stake each in Cyberabad Expressway Pvt Ltd and Hyderabad Expressway Pvt Ltd to Neco group's Terra Projects, the report said.

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Hyderabad-based infrastructure firm, Gayatri Projects Ltd, owns the remaining 50 percent in these two projects, it added.

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The combined deal value could be below 2 billion rupees, the report added, citing unnamed sources.

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Anil Agarwal, a government-nominated director on Maytas' board, confirmed the company was bringing in a new partner in these two projects, but declined to discuss the size of the transaction, it said.

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Under the concession agreement with the state government of Andhra Pradesh, where the two projects are being constructed, Maytas will have to hold a minimum 14-percent stake in these companies during the construction period, the paper said.

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Maytas was promoted by the family of Ramalinga Raju, the former chairman of Satyam, who resigned after revealing profits at the software firm were inflated.

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Earlier this month, Maytas' lenders decided to release 6 billion rupees to the company as part of a corporate debt restructuring package.

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