It would take a year for Maytas Infra's operations to stabilize and for the company to be a healthy organization once again, new promoter Infrastructure Leasing & Financial Services (IL&FS) believes.

IL&FS, the country's largest infrastructure and finance company, owns a 37 per cent stake in besieged Maytas Infra, which till now, was run by tainted Satyam Computer Services founder Ramalinga Raju's son, Teja Raju.

Ravi Parthasarathy, chairman, IL&FS, said that Maytas had suffered serious harm even though the company had done no wrong. "Maytas Infra suffered heavy collateral damage in the wake of the revelation of the Satyam scam," he said. "We would need a year's time for putting the company back on its feet."

The three directors who would join Maytas' board from IL&FS' side, besides Parthasarathy, include chief executive officer (CEO) and managing director Hari Sankaran, deputy managing director Arun Saha, and president and CEO of IL&FS Transportation Networks Karunakaran Ramchand.

IL&FS would also be making an open offer to Maytas' shareholders to acquire an additional 20 per cent stake in the company, the procedure for which would be commenced in the next 2-3 days.

IL&FS is bound by the Securities and Exchange Board of India (SEBI) regulations to make the offer within 21 days of finalizing the deal. Parthasarathy says the open offer would cost the company anywhere between Rs 130 crore to 150 crore, depending on the market price of the Maytas stock.

The company had lent Rs 200 crore to the Raju family for the shares that the latter had pledged with them.

IL&FS' decision to take a controlling stake in the Hyderabad-based infrastructure company was taken by the government, keeping the long term interests of Maytas in view, Parthasarathy claims.

"We have had many dealings with Maytas Infra in the past and had good working relations with Maytas' past promoters," he said. "Teja Raju was a part of the decision making process in this deal."

Parthasarathy listed capital infusion in Maytas to be the number one priority for the company, saying that Maytas had not received any incremental credit in the last seven months, severely hampering its execution abilities.

Refusing to divulge the fund requirements of the company, he said that the management may opt for qualified institutional placement of stock after a couple of stable quarters, in order to raise money.

"The fact that Maytas Infra posted net profit for the first quarter, shows that it is gradually returning to normalcy," government appointed director, Ved Jain, said.