Hindujas too in race for Satyam

Posted By: Staff
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New Delhi, Feb 1: The log of race to buy Satyam is getting larger day by day and now Hindujas have also joined the race. In order to express their interest in saving the sinking Satyam, the group has already sent a formal communication to the investment banker there.

Hinduja Global Solutions (HSGL) officials in a formal communication to Goldman Sachs, the newly-appointed investment banker for Satyam, has said that it is keen to participate in the bidding process as and when it starts.

According to officials, the company has over 100 million dollars in books. If required promoters Hindujas would also chip in. In a meeting on Feb 5, Satyam board will take stock of all the proposals. With Hinduja joining the race, the scam hit Satyam has three suitors to buy the beleaguered IT company.

Engineering giant L&T and diversified group Spice Group are the other two. Earlier officials of iGate had also showed interest to buy, but said the company would only be able take a call on sending the formal proposal after the restated financial figures are out. "Till then we would wait and watch," they said.

Meanwhile, an alternative asset management firm Kolbert Kravis Roberts (KKR) and private equity firm Texas Pacific Partners (TPG) were non-committal on their interests in Satyam. A KKR spokesperson said, "As a matter of company policy we never comment on enquiries or speculative market rumours of this nature."

A TPG spokesperson also said, "We will have no comment here." Many private players had approached the board, Tarun Das, a member of the govt appointed Satyam board had said.

One of the suitors, L&T, has already increased its stake in Satyam to 12 per cent from over four per cent earlier, while asset management firm Fidelity upped its stake in Satyam to 7.66 per cent.

Both the companies raised their stake in the IT firm through open market transactions. The other suitor Spice Group, which has made a formal bid for the scam-hit Satyam Computers, wants auction route for the acquisition of the company as the chairman B K Modi feels auction is the most transparent way.

OneIndia News (With inputs from Agencies)

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