`Bin Ladin grp to buy 20% in Maytas Infra`

Maytas Infra has roped in Saudi Bin Ladin group as co-promoter, media reports said.

Updated: Jun 19, 2010, 21:03 PM IST

Zeebiz Bureau

New Delhi: Beleaguered Maytas Infra, which was in trouble after the Satyam scam surfaced, has roped in Saudi Bin Ladin group as co-promoter, media reports said on Saturday.

SBG Projects Investments Ltd, promoted by the family6 of the world’s most wanted terrorist, will now pick up the stake through a preferential allotment, reports added.

Maytas Infra, promoted by the family of B Ramalinga Raju, the digraced chairman of erstwhile Satyam Computers, has been in trouble since he confessed to an accounting fraud in January 2009.

It had to forgo several projects, including the Hyderabad Metro Rail project, due to liquidity crunch.

Last year, following a Company Law Board order, IL&FS replaced the Rajus as promoter of Maytas Infra.

The Bin Ladin group was founded in 1931 by the late Sheikh Mohammed Bin Ladin, father of al Qaeda founder Osama Bin Laden.

The USD5-billion group, however, disowned Osama Bin Ladin in 1994 much before he shot to notoriety for masterminding terror attacks throughout the world including the 9/11.