Indian engineering and construction firm Larsen & Toubro Ltd will go ahead with a bid for beleagured software firm Satyam Computer Services Ltd, according to an L&T spokesman.
"We expect to go ahead with the bid," spokesman D Morada told Reuters. "The bid price has no relation to the market price," he said, when asked about the basis for valuation of the bid.
Satyam said it was commencing a competitive bidding process to sell a 51 percent stake in the outsourcing company. Another suitor the Hinduja group said it could not comment on whether it would bid. "I would not really like to comment on that," Hinduja Group's chief financial officer, Prabal Banerjee, told Reuters.
"We expect to go ahead with the bid," spokesman D Morada told Reuters. "The bid price has no relation to the market price," he said, when asked about the basis for valuation of the bid.
Satyam said it was commencing a competitive bidding process to sell a 51 percent stake in the outsourcing company. Another suitor the Hinduja group said it could not comment on whether it would bid. "I would not really like to comment on that," Hinduja Group's chief financial officer, Prabal Banerjee, told Reuters.
Article Source:http://infotech.indiatimes.com/News/LT_to_bid_for_Satyam_/articleshow/4245842.cms
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