IBM joins in Satyam bidding race

Posted By: Staff
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Bangalore, Mar 26: IBM is believed to be the front-runner to acquire the scam hit Satyam Computer solutions. The board of India's Satyam Computer Services has shortlisted about 8 bidders. IBM and private equity firm Apax Partners are among them.

The other suitors in the race include Larsen & Toubro and BK Modi owned Spice Group who would bid for 51 per cent stake in the fraud hit company.

If IBM wins the race to acquire Satyam, it will become the largest IT services player in India, with a combined employee strength of over 125,000 people (more than current leader Tata Consultancy Services).

US-based IBM has registered its interest through a law firm, according to Economic Times.

The shortlisted bidders will do their due diligence of Satyam over the next two days, it said, quoting a person familiar with the development.

Satyam is battling to pay wages since founder B Ramalinga Raju declared in Jan he inflated the balance sheet by more than a billion dollars and exaggerated profits.

OneIndia News

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