Satyam Computer has new investor

By Lisa Kerner

Charlotte, N.C., Feb. 6 - Larsen & Turbo Ltd. bought 81,132,714 shares of Satyam Computer Services Ltd. between Dec. 30 and Jan. 23 for an initial 12% stake in the company.

The new investor is India's largest engineering and construction conglomerate with additional interests in electrical and electronics, information technology and other diversified businesses, according to a schedule 13D filed with the Securities and Exchange Commission.

Satyam was in turmoil after its chairman and founder, B. Ramalinga Raju, unexpectedly resigned and admitted to overstating the company's cash and bank balances by $1 billion and inflating profits over the last several years.

The Indian government stepped in to replace Satyam's board and ensure the Hyderabad, India-based outsourcing company's uninterrupted operations, it was previously reported.

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