Several companies have expressed an interest in
acquiring Indian IT supplier Satyam either as a whole or in
part.
A board meeting held today revealed that Satyam, which is at the
centre of a
$1bn accounting fraud scandal, has appointed Investment banks
Goldman Sachs and Avendus to advise it on identifying investors and
obtaining acquisition interest.
The government-appointed board at Satyam said: "The board has
received several proposals from Corporate entities as well as from
select private equity firms. Some have shown interest in evaluating
Satyam as an integrated entity, while others have expressed
interest in portions of Satyam's business. "
The statement said that a sale of parts of the business was not
currently an option due to government regulations.
The company also said it has completed discussions related to
its financing "which will help tide over the immediate,
compelling operational expenses". Satyam said salaries for January
2009 would be paid out of its own funds.
The board has also appointed Boston Consulting Group as
management advisors to support the
firm's recovery.