Satyam on sale, receives multiple bids

Several Indian companies, including Spice Corp, have confirmed interest to acquire a controlling stake in Satyam, new reports reveal.
Written by Renai LeMay, Contributor

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.

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