Mumbai: Indian engineering and construction firm Larsen & Toubro Ltd will go ahead with a bid for beleaguered software firm Satyam Computer Services Ltd, a Larsen spokesman said on Monday.
“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 on Monday it was commencing a competitive bidding process to sell a 51% 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.