L&T may not exit Mahindra Satyam in near future
Engineering major Larsen & Toubro may not exit Mahindra Satyam, formerly Satyam Computer Services, in the near future, a top company official said.business Updated: Oct 22, 2009 20:46 IST
Engineering major Larsen & Toubro (L&T) may not exit Mahindra Satyam, formerly Satyam Computer Services, in the near future, a top company official said on Thursday.
"There is no urgency for us to divest our stake in Satyam Computers and we will divest at an appropriate time," L&T's Chief Financial Officer Y M Deosthalee told reporters on the sidelines of a press conference in Mumbai.
L&T has acquired 6.9 per cent stake in Satyam as part of its plans to acquire the company in December 2008.
The one-year lock-in period is getting over now. We do not have any strategic interest in Satyam and our investment is more or less like portfolio investment, Deosthalee said.
One of the bidders for the take over of Satyam, L&T's stake was put in a lock-in period after the company was taken over by Tech Mahindra last year.
L&T had earlier sought permission to sell its holdings but refrained from further initiative with the nearing of the lock-in expiry.
Out of 1.17 billion shares of Mahindra Satyam, L&T holds 81.13 million shares.