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

NEW DELHI, INDIA: Larsen & Toubro expects to make a profit of up to 2.5 billion rupees ($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 3.5 billion rupees and I expect by the time we sell them we will make 2-2.5 billion rupees profit," Larsen Chairman A.M. Naik told shareholders.

He earlier said L&T expected to sell Mahindra Satyam shares by March next year.

Larsen had built a 12 percent 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.