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L&T hopes to make up to $51 mn profit on Satyam shares

L&T hopes to make up to $51 mn profit on Satyam shares
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First Published: Fri, Aug 28 2009. 04 18 PM IST
Updated: Fri, Aug 28 2009. 04 18 PM IST
New Delhi: India’s Larsen & Toubro expects to make a profit of up to Rs2.5 billion ($51 million) on its shares in outsourcer Mahindra Satyam, the engineering firm’s chairman said on Friday.
“We have provided for a loss out of abundant caution. As of today, we are running a net profit of Rs3.5 billion and I expect by the time we sell them we will make Rs2-2.5 billion profit,” L&T chairman AM Naik told shareholders.
He earlier said Larsen expected to sell Mahindra Satyam shares by March next year.
Larsen had built a 12% stake in Mahindra Satyam, formerly Satyam Computer, before losing out in the race for a controlling stake in the firm earlier this year and has said it had sought permission from regulators to sell its stake.
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First Published: Fri, Aug 28 2009. 04 18 PM IST