Satyam door opened to foreign bids: IBM, Oracle make queries
The government is keen to get a foreign suitor for Satyam. Minister for corporate affairs Prem Chand Gupta said in Hyderabad on Sunday the company’s government-appointed board has formally asked foreign companies to also bid.
While the minister did not disclose names, it is learnt that officials from IBM have met Satyam’s management team this month, to ascertain how long the restatement of accounts would take for the Indian firm. Oracle is also learnt to have sent some questionnaires to the Hyderabad-based IT company that imploded after its erstwhile chairman B Ramalinga Raju said he had engineered a Rs 7,800-crore accounting fraud in the firm.
The minister’s statement means the government is keen to get a very strong valuation for Satyam than was thought so far, with domestic engineering company L&T seen as the front runner. It already has a 12% stake in the IT company.
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To read the ePaper, visit: http://epaper.financialexpress.com
While the minister did not disclose names, it is learnt that officials from IBM have met Satyam’s management team this month, to ascertain how long the restatement of accounts would take for the Indian firm. Oracle is also learnt to have sent some questionnaires to the Hyderabad-based IT company that imploded after its erstwhile chairman B Ramalinga Raju said he had engineered a Rs 7,800-crore accounting fraud in the firm.
The minister’s statement means the government is keen to get a very strong valuation for Satyam than was thought so far, with domestic engineering company L&T seen as the front runner. It already has a 12% stake in the IT company.
To read the full article, click here..
To read the ePaper, visit: http://epaper.financialexpress.com
Labels: B Ramalinga Raju, foreign bids, foreign suitor for Satyam, IBM, IT company, Oracle, Oracle make queries, Satyam, Satyam board
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