New Delhi, Jan 14: After the formation of three member board to Satyam, the Central Government has decided to give a Rs 2,000 crore bail out package to save the sinking Satyam. Central govt package is to look at the salary bailout for the 53,000 Satyam employees.
This move from the Central govt came after the new board said that they are looking for funds. The package is to ensure that salary would be provided to all Satyam employees on time. Sources said that the govt would give the package in three instalments of Rs 500 crore to Satyam for the next three months.
Plans to infuse another Rs 400 crore to Satyam is being discussed. The bailout package was finalised by Prime Minster Manmohan Singh and other senior cabinet ministers and officials at his residence on Tuesday, Jan 13. Home Minister P Chidambaram, Commerce and Industry Minister Kamal Nath, Corporate Affairs Minister Prem Chand Gupta and Planning Commission Deputy Chairman Montek Singh Ahluwalia were present at the meeting.
OneIndia News (With inputs from Agencies)