April 6 (Bloomberg) -- Billionaire investor Wilbur Ross and Larsen & Toubro Ltd. may jointly bid for a controlling stake in Satyam Computer Services Ltd., India’s Daily News & Analysis reported, citing an unidentified person close to the matter.

WL Ross & Co. and L&T signed a preliminary agreement last week and they may offer 20 billion rupees ($397 million) for at least 51 percent of Satyam, according to the report. The two companies plan to invest another 20 billion rupees to revive Satyam if their bid is successful, DNA said.

L&T will contribute 51 percent or more of the funding to buy Satyam, according to today’s DNA report.

Ross said on April 1 he was barred by Indian rules from talking about any interest he may have in buying Satyam.

To contact the reporter on this story: Kevin Cho in Seoul at kcho2@bloomberg.net

Last Updated: April 5, 2009 20:59 EDT