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Govt looking for strategic investor for Satyam

Govt looking for strategic investor for Satyam
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First Published: Thu, Feb 12 2009. 04 43 PM IST
Updated: Thu, Feb 12 2009. 04 43 PM IST
By PTI
New Delhi: The government today said it is looking at the possibility of finding a suitable strategic investor who can acquire the beleaguered Satyam Computer, while pointing out that the crisis at the company is over.
“The next step of the government is to find out some suitable strategic investor who can take care, takeover the company,” corporate affairs minister P C Gupta said at a PHDCCI function here.
He said all these possibilities are being worked out and the whole process would be carried out transparently. The crisis situation at the company is over, Gupta added.
Satyam’s government-appointed board has said that it has received a number of offers for taking over the company, but has not decided on its sale.
Satyam chairman Kiran Karnik had yesterday said the board would decide on the final road map for bringing the IT major back on rails in the next 10 days.
He, however, had refused to comment on the number of suitors for Satyam since “we have not yet formally invited any kind of applications. The roadmap will define what we tend to do.”
Many corporates like Mahindra &Mahindra, L&T and Spice are reported to be in the race for acquiring Satyam Computer.
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First Published: Thu, Feb 12 2009. 04 43 PM IST