Institutional shareholders such as Life Insurance Corporation of India (LIC) and ICICI Prudential Life Insurance are supporting engineering behemoth Larsen & Toubro’s move to acquire troubled software exporter Satyam.As the first step, L&T is expected to present a revival proposal before the newly-constituted board of Satyam soon, said informed sources.On Wednesday, L&T convened its board meeting to discuss its nuclear foray and chances of buying Satyam. The board member representing LIC, a major shareholder of L&T, also attended the meeting. However, an L&T spokesperson said Satyam was not on the agenda today.
Friday, January 23, 2009
L&T front-runner for Satyam buy
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