The Hindu Business Line : L&T says no strategic interest

Larsen & Toubro, which currently has a 4 per cent stake in Satyam Computers Ltd through its wholly owned subsidiary L&T Capital, has no strategic interest in the troubled software company, a spokesperson for the engineering firm said. "It is purely a portfolio investment," said the spokesperson. "The four per cent stake was acquired over the last ten days but not including Wednesday, when the Satyam Chairman made his confessional statement."

There had been some speculation in market circles on whether L&T might be interested in Satyam, given that it has it has its own software unit, L&T Infotech Ltd. The spokesperson refused to say what the average cost of the shares worked out to, but since the Satyam scrip slid 78 per cent on Wednesday to Rs 40, from Rs 179, analysts said it certainly makes for a notional loss as of now for L&T. - Our Bureau

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