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L&T rules out taking over Satyam

This article was posted on Jan 8, 2009 and is filed under Press Releases

MUMBAI: Engineering and construction major Larsen & Toubro on Thursday said it is not looking at taking over Satyam Computer Services, the beleaguered IT major which is facing a Sebi prove after the disclosure of financial fraud by Ramalinga Raju, who resigned as Chairman. “We have no interest in taking over Satyam,” an L&T spokesperson said.

L&T has just four per cent stake in Satyam through L&T Capital, the investment outfit of the group.

“Our stake in the software company is only a portfolio investment,” he said, adding that this should not be dubbed as a strategic buy.

The official said that L&T did not jack up its stake in Satyam in recent times and the stake the group owns was acquired in phases from the secondary market.

Speculations were rife that the engineering major might look at acquiring Satyam in order to strengthen its presence in the information and technology arena where it has presence through L&T Infotech, a wholly-owned subsidiary of the group.

source: Economictimes

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