L&T likely to submit EoI for Satyam today

Engineering major L&T is likely to submit its expression of interest (EoI) formally for acquiring a majority stake in Satyam Computer Services by the evening today. A company spokesperson told "we expect to put in our EoI by the evening". L&T is the single-largest stakeholder in Satyam. The Satyam board, along with investment advisors Goldman Sachs and Avendus, will be evaluating bids from potential acquirers over today and tomorrow, as the company seeks to complete the sale process by April 30. All the potential suitors that have registered for Satyam have been sent a request for proposal (RFP) by the IT firm's board and are expected to submit an EoI by today. The RFP states that any bidder must show proof of Rs 1,500 crore as cash balance when submitting the EoI. The two main Indian bidders -- L&T and the Spice Group -- have the required money to bid. Potential bidders such as Tech Mahindra, L&T, Spice and iGate, apart from other companies including IBM, are expected to decide their bids based on whatever information is provided to them after the board meeting today.