Maytas renamed

In an obvious bid to wash off the Satyam taint and the legacy of the disgraced Satyam founder B Ramalinga Raju, Maytas Infra has decided to drop Maytas from its name to embrace the identity of its new owners—IL&FS—by rechristening itself as IL&FS Engineering and Construction Company. Maytas, which is nothing but Satyam read in reverse, was earlier promoted by Raju’s elder son B Teja Raju. The company, which has got the green light from its board of directors to change its name, will soon seek shareholders’ approval for it, the company informed the bourses on Monday. By January 2011, the company hopes to be back in the reckoning in its new avatar. According to Kaushik, the rechristening would help the company start on a clean slate with the positive backing of IL&FS and Saudi Binladin Group (SBG) brand names. Maytas Infra is promoted by IL&FS and co-promoted by SBG, which was roped in via a preferential allotment of 20% stake in June this year.

No comments: