Hindujas, M&M Show Interest in Satyam

New Delhi
Hindujas, M&M Show Interest in Satyam
outlookindia.com
-0001-11-30T00:00:00+0553

The number of suitors for the beleaguered Satyam Computer is increasing as Hinduja Global Solutions, an arm of the Hinduja Group, has evinced interest in acquiring the troubled IT company.

Company officials told PTI that HGSL has sent a formal communication to Goldman Sachs, the newly-appointed investment banker for Satyam, saying that it is keen to participate in the bidding process as and when it starts.

The company has over 100 million dollars in books and if required promoters Hindujas would also chip in, the officials said.

The Satyam board, which is meeting on February 5, is likely to take stock of such proposals.

With HGSL joining the race, the parties in race for the scam-hit company has increased to three. Engineering giant L&T and diversified group Spice Group are the other two.

Meanwhile, The Mahindra and Mahindra group, with major interests in IT, said it will look at acquiring the troubled Satyam Computer Services if it finds a strategic value in the deal.

"We have a major IT company. We are watching the situation with interest. If there is anything of strategic value, clearly we will be looking at it," M&M Vice-Chairman and Managing Director Anand Mahindra told PTI on the sidelines of the World Economic Forum meeting here.

He declined to elaborate his plan of action saying, "I don't want to comment any further at this point of time."

The group's Tech Mahindra is a major player in the India's strong IT industry.

The M&M group is the latest to show interest in scam-hit Satyam. Though Tech Mahindra was believed to be among the suitors for Satyam, the M&M group has now confirmed its interest in the strategic acquisition.

L&T, iGate and the BK Modi group have already expressed their desire to acquire Satyam, which is now being managed by a government-appointed board.

Top government and business leaders have told the global audience that Satyam is a one-off affair. They also said that the government's response to the crisis was quick.

Officials of iGate, which had earlier evinced interest, 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 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."

Tarun Das, a member of the government appointed Satyam board had earlier said that many private equity players had approached the board of the company.

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