New Delhi: Keeping an eye on engineering giant L&T's moves on the Satyam front, government-run life insurance major LIC, which has equity investment and board representation in both the companies, on Thursday said the IT firm was still valua ble and could be revived with right leadership. “We have an investment there (Satyam). If better returns come from a sale, then we (will) go for a sale,'' LIC Chairman told PTI but added that he would not give any instruction to two nominees that the insurer has on L&T board on the issue. The country 's top life insurer, which has over four per cent stake in Satyam, however, ruled out joining the race for acquiring the troubled IT firm, either alone or with L&T.
“We don't have the expertise to run an IT company. We are clear on Satyam issue that we are an investor... We are not interested in controlling the company. We are interested in the prosperity of the company as our money is still there,'' Vijayan said. Asked given its position as the single largest investor in L&T with about 18 per cent stake, LIC would want the engineering major to take over the IT firm. “We are the single largest shareholder, but L&T is a board-driven company. It is not proper for me to discuss.''
On its suggestion to LIC nominees on L&T board, he said that the insurer had two members on L&T board, but their brief was to focus on proposals made at the meeting and the issues arising out of those. When asked what LIC would prefer between a takeover or revival of Satyam, Vijayan said, “If somebody is taking over and giving us a better return, then we will do it
Source: PTIS, The Hindu Business Line, The Indian Express, Deccan Chronicle, The Pioneer, The Statesman
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