India's L&T stays in race for Satyam Computer-reports
Indian engineer Larsen & Toubro Ltd has submitted a detailed expression of interest to buy fraud-hit Satyam Computer Services, newspapers reported.business Updated: Mar 21, 2009 18:57 IST
Indian engineer Larsen & Toubro Ltd has submitted a detailed expression of interest to buy fraud-hit Satyam Computer Services, newspapers reported on Saturday.
While the Economic Times and Business Standard said L&T, the largest shareholder in Satyam with a 12 per cent stake, had submitted its bid, a L&T spokesman declined to comment.
Potential bidders who had registered last week had to submit a detailed expression of interest and show availability of at least 15 billion rupees ($300 million) by 5 pm on Friday to stay in the race to buy 51 per cent of Satyam.
Indian outsourcer Tech Mahindra and diversified Spice group said on Friday they had submitted the required expressions of interest. But US-based iGate dropped out.
While Satyam's government appointed board last week said Indian and international firms, including private equity companies, had registered preliminary bids it was not immediately clear how many proceeded to the next stage.
Satyam has been struggling since founder Ramalinga Raju quit as chairman in January after saying profits had been overstated for years and assets falsified in what is India's biggest corporate scandal.
The board is meeting in Mumbai on Saturday to consider the expressions of interest.