India's L&T stays in race for Satyam Computer-reports

MUMBAI, March 21 (Reuters) - Indian engineer Larsen & Toubro Ltd (LART.BO) has submitted a detailed expression of interest to buy fraud-hit Satyam Computer Services (SATY.BO), newspapers reported on Saturday.

While the Economic Times and Business Standard said L&T, the largest shareholder in Satyam with a 12 percent stake, had submitted its bid, a L&T spokesman declined to comment.

Potential bidders who had registered last week had to submit a detailed expression of interest and show availability of at least 15 billion rupees ($300 million) by 5 p.m. (1130 GMT) on Friday to stay in the race to buy 51 percent of Satyam (SAY.N).

Indian outsourcer Tech Mahindra (TEML.BO) and diversified Spice group said on Friday they had submitted the required expressions of interest. But U.S.-based iGate (IGTE.O) dropped out.

While Satyam's government appointed board last week said Indian and international firms, including private equity companies, had registered preliminary bids it was not immediately clear how many proceeded to the next stage.

Satyam has been struggling since founder Ramalinga Raju quit as chairman in January after saying profits had been overstated for years and assets falsified in what is India's biggest corporate scandal.

The board is meeting in Mumbai on Saturday to consider the expressions of interest. (Reporting by Narayanan Somasundaram; Editing by Jan Dahinten)