Not losing sleep over Satyam loss: A M Naik

COIMBATORE: Engineering major Larsen and Turbos today said it is not disappointed that it lost the race for erstwhile Satyam Computer, which was embroiled in an accounting scam, and said it is still looking for specialised IT companies for acquisition.

"The company was not losing sleep over unsuccessful bid for Satyam. It is waiting for good opportunity and we will certainly get good and specialised IT companies to take over," L&T chairman and managing director A M Naik today said.

L&T was one of the bidders for the fraud-hit Satyam Computer, which was put on sale after the mutli-crore rupee scam involving its founder chairman B Ramalinga Raju came t light early this year.

Satyam would have been a perfect fit for L&T's IT arm L&T Infotech. However, it lost out to Tech Mahindra.

Last month Larsen & Toubro sold 2.32 per cent stake in the Mahindra Satyam (erstwhile Satyam computer) for over Rs 306 crore, exactly a month after the lock-in period on sale of its holding ended.

L&T was keen on acquiring the erstwhile Satyam Computer and had increased its stake in the IT company to 12 per cent in phases. It had acquired nearly six per cent in January for around Rs 206 crore.