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|| Saudi investment firm to acquire 20% stake in Indian infrastructure company

SBG-Maytas.jpgSBG Projects Investments, a member of Saudi BinLaden Group will buy a 20% stake in Maytas Infra, the Indian infrastructure company for more than $106 million.

Maytas Infra will allot 15.45 million equity shares to SBG Projects Investments on a preferential basis. Following this, SBG will become a co-promoter of the company besides IL&FS Group, the current promoter.

Maytas was controlled by the family of Ramalinga Raju, ex-promoter of Satyam Computer Services who resigned after accepting to have inflated its profits for years. Maytas saw a change in control when IL&FS Group acquired a controlling stake in it. IL&FS Group holds about 37% stake in the firm.

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More details from Reuters and Business Standard follows

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