Satyam on sale, receives multiple bids

Summary:Several Indian companies, including Spice Corp, have confirmed interest to acquire a controlling stake in Satyam, new reports reveal.

Several Indian companies have confirmed plans to acquire a controlling stake in troubled Indian IT services firm Satyam, reports revealed over the weekend.

According to Bloomberg, Spice Corp chairman, industrialist B. K. Modi, has offered US$408 million for a controlling stake in the company. The bid reportedly added to expressions of interest by engineering firm Larsen & Toubro and diversified group Hindujas.

Bloomberg reported that Satyam had hired investment banking group Goldman Sachs to find a buyer last week. The company has gone into a death spiral over the past month following revelations that chairman B. Ramalinga Raju had inflated assets by US$1 billion.

Topics: CXO, IT Employment, Legal, Outsourcing

Kick off your day with ZDNet's daily email newsletter. It's the freshest tech news and opinion, served hot. Get it.

Related Stories

The best of ZDNet, delivered

You have been successfully signed up. To sign up for more newsletters or to manage your account, visit the Newsletter Subscription Center.
Subscription failed.