News

Satyam bidding deadline arrives

Karl Flinders

The deadline for companies interested in buying Satyam to submit detailed expressions of interest and proof that they have enough money expired today.

Bidders had to prove they have available funds to the value of $290m by today's deadline.

Satyam would not comment on who the bidders were nor how many,but said it would make an anannouncementnext week

Indian engineering firm Larsen & Toubro, IT services firm Tech Mahindra diversified Spice Group are among the firms that have already announced their interest.

Other firms said to be interested include IBM, HP and CSC.

Satyam has a good reputation for service delivery, it has a large number of highly skilled workers and boasts an impressive list of customers.

But bidders could be limited as a result of the company's involvement in a $1bn accounting fraud. Former chairman B. Ramalinga Raju admitted he had falsely reported the company's results. This left the company short of cash and its customers short of confidence.


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