AP cancels Mytas contract of Hyderabad Metro Rail
Urban development minister Anam Ramnarayana Reddy said that the Government of Andhra Pradesh has cancelled the Hyderabad Metro Rail project contract awarded to Maytas Infra as the company failed to achieve financial closure by the March deadline.
Maytas Infra, leading a consortium of companies, got the Rs12,000-crore Metro project by offering to give about Rs30,000 crore to the government over 30 years.
Mytas Infra is run by the family members of B Ramalinga Raju, the tainted former chairman of Satyam Computer Services.
Ramnarayana Reddy said that alternative plans for the Hyderabad Metro Rail project would be announced on July 13.