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Satyam board shortlists six bidders

BS Reporter in Mumbai | March 24, 2009 15:17 IST

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The government-appointed board of Satyam Computer Services [Get Quote] is understood to have shortlisted six bidders -- including B K Modi's Spice, Larsen & Toubro and Tech Mahindra [Get Quote] -- in the second round of the bidding process for selling a majority stake in the troubled company.

Spice Corporation confirmed it had been shortlisted. Group company Spice Innovative Technologies (which submitted an expression of interest to acquire Satyam) also announced the appointment of US-based Joe Liemandt as a director.

"Liemandt is founder-chairman & CEO of Trilogy Inc and on its board of directors. He will be part of the team at Spice Innovative Technologies that is evaluating the possibility of equity acquisition and management control of Satyam, since he understands how to transform companies. We believe this is what Satyam needs," Modi told Business Standard.

iGate, which had participated in the first round of bidding, backed out from completing the second round. Earlier, the Hinduja group had opted out.

Incidentally, global majors like IBM are understood to have entered the second round, but this could not be independently confirmed. Other names floating include that of Hewlett-Packard and KKR Private Equity Investors.

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