Satyam appoints Goldman Sachs and Avendus as investment bankers

27 January 2009

The board of Satyam Computer Services Limited today announced the appointment of Goldman Sachs and Avendus as investment bankers to advise the company on the way forward and to explore various strategic options.

The two will help Satyam Computers identify strategic investors, obtain expressions of interest and ensure a fair, transparent approach to the entire process.

''The Board has received several proposals from corporate entities as well as from select PE firms. Some have shown interest in evaluating Satyam as an integrated entity, while others have expressed interest in portions of Satyam's business,'' said Manoharan who chaired today's board meeting.

He, however, ruled out a sale of 'parts' of Satyam as ''it would be contrary to the mandate of regulating the affairs of Satyam as a going concern, as stipulated by the Government of India.

The board also announced the appointment of Boston Consulting Group as management advisors to support the government-appointed directors.

A dedicated three-member senior team from BCG is expected to work closely during this revival process.