L&T says open to buyouts, non-committal on Hexaware

Confirming its initial interest in a possible acquisition of IT firm Hexaware Technologies, Larsen & Toubro (L&T) today said it is open to considering each and every takeover opportunity that might come its way.

While asserting that it has not appointed Citigroup as the investment banker for a possible takeover of Hexaware, company Chairman AM Naik said has held discussions with the IT company only once to know if they can participate in the sale process.

"We haven't appointed any banker [for Hexaware acquisition] as is reported in papers. We have not even met except once when we met them to ask them whether they will allow us to take part in the process. Their process is long and takes time. They are talking to several international firms as well," Naik told the media.

However, Naik, who announced a succession plan for the engineering behemoth earlier in the day, said the company is interested in any and every opportunity and everyone must see possibilities positively.

"We continue to look at opportunities for integration possibility," Naik, who divested part of his responsibility to K Venkataraman as chief executive and managing director earlier in the day, said.