Larsen & Toubro Ltd. (500510.BY) Friday said it has had an initial meeting with Hexaware Technologies Ltd. (532129.BY) for a possible stake buy in the software company.

But Larsen hasn't yet taken steps such as appointing bankers for a possible deal, Chairman and Managing Director A. M. Naik told reporters.

The Indian engineering company, which has been looking to expand its information technology unit Larsen & Toubro Infotech Ltd. via acquisitions "remains interested in every opportunity in terms of integration," said Naik.

He didn't reveal whether Larsen intends to make a formal bid, but said that any purchase of a stake in Hexaware would take up to June.

Mumbai-based Hexaware, which provides database software and testing services to the financial and insurance sectors, has been riding a surge in business volume after it received some large contracts last year.

Local media have reported market chatter that the company's founders are looking to sell their 28.2% stake. Private equity investor General Atlantic is looking to sell as well, the reports say.

Hexaware has declined to comment.

 
  --By Kenan Machado, Dow Jones Newswires; +91 22 6145 6120; ashutosh.joshi@dowjones.com
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