Satyam to Weigh Offers
Satyam Computer Services Ltd. has begun considering offers from suitors looking to buy the fraud-riddled Indian outsourcer, said new Chief Executive A.S. Murty.
The company’s board, appointed by the Indian government, has been approached by “numerous entities,” Mr. Murty said in written responses to questions from The Wall Street Journal.
Indian engineering-and-construction firm Larsen & Toubro Ltd., which holds a 12% stake in Satyam, has expressed interest in buying the company, as have HCL Technologies Ltd., the Hinduja Group, Tech Mahindra Ltd. and Spice Group.
A final deal, however, may not be imminent. “There is no timeline that we can commit [to] at this stage,” Mr. Murty said. A sale wouldn’t need the explicit approval of the government, he added.
The outsourcer’s former chairman, B. Ramalinga Raju, admitted last month to cooking the books for several years, by methods including the creation of fictitious cash balances of more than $1 billion.