Spice Group keen to acquire 51% in Satyam: B.K. Modi

As many as six to seven companies – including global and Indian entities and PE firms – are interested in completely buying out the scam-stung Satyam Computer Services. This includes Spice Corporation, which confirmed that it had thrown its hat in the ring for a majority stake.

“The impression that we have, informally and through public announcements, is that about half a dozen companies are interested…While so far we are aware of four, we have also heard that there is interest from another two or three ,” Satyam board member Mr Tarun Das said.

In a late evening development, the Chairman of Spice Group, Mr B.K. Modi, confirmed that Spice Innovation is interested in acquiring 51 per cent stake in Satyam.

He said, We have already put in a formal bid.” Explaining the rationale behind the move, he said “they are also in the same line of business… our board had decided to look at Satyam even before the financial fraud came into light.

L&T had also recently hiked its stake in the Hyderabad-based IT services company to 12 per cent from four per cent, sparking-off speculations that it may be eyeing a takeover. Other names including that of Tech Mahindra have been doing the rounds in industry circles.
Source: Bussiness Line

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