LIC lends support to Satyam, says co can be revived

The beleaguered tech giant Satyam Computer Services got a vote of confidence from one of its largest stakeholders––Life Insurance Corporation of India (LIC). Country's top life insurer, LIC, believes that the tech giant was still valuable and could be revived with the right leadership. LIC also indicated that it is not averse to a sale of the company. Chairman TS Vijayan said, “We have an investment in Satyam. If better returns come from a sale, then we will go for a sale.” The chairman however added that he would not give any instruction to the two nominees that the insurer has on L&T board on the issue. LIC, which has over 4% stakes in Satyam, ruled out joining the race for acquiring the troubled IT firm, either alone or with L&T.