The Spice Group has made a Rs2,000-crore ($408 million) offer for a majority 51-per cent stake in Satyam Computer Services, its said.
Spice Group, which is among seven companies, including buy-out firms, which have shown interest in acquiring Satyam Computer Services, has already submitted a proposal to the new Satyam board.
The group is reported to be planning to acquire Satyam through a preferential issue, which would boost the company's capital as well.
With a presence in 41 countries and membership in 27 national and international associations of innovation centers, the Spice Group has diversified operations, including mobile handset manufacturing, mobile software development, back-office operations, entertainment and retail, innovation centers, technology parks, regional economic development, technology transfer and entrepreneurship.
Last year, it sold its mobile telecom service business to Idea Cellular for Rs2,176 crore.
L&T Infotech, the software arm of engineering and construction major Larsen & Toubro Ltd and Mahindra & Mahindra's technology outfit Tech Mahindra are also in the fray for acquiring Satyam Computer.
Meanwhile, the Company Law Board (CLB) has granted legal immunity to the recently constituted board of Satyam, from the offenses committed by the past management. The CLB also passed an order restraining the provident fund authorities from initiating any legal action against the present directors of Satyam for defaults committed by the suspended management of the company.
CLB also authorised the new board of Satyam to raise finances in the form of loans or otherwise and also to mortgage, charge and encumber any of the movable and immovable assets of the company, including providing them as securities.
The government, meanwhile, offered moral support to Satyam Computer Services, assuring the world that despite the scam associated with its founder-chairman Ramalinga Raju, Satyam Computer will continue to provide its clients world class services.
Admitting of a fraud at the IT major, commerce minister Kamal Nath told delegates at the World Economic Forum in Davis, Switzerland, that the company was providing world-class services to its customers. ''The company has been constituted with a new board and they continue to supply their world-class services. We have to separate the owner from the company," he added.
Nath said Satyam has blue-chip customers, who have been receiving world class services for many years.
"That is expected to continue. (The) new board will look at that," he said.
While the fraud is surprising and shocking despite its international presence and reputation, Nath said it is an isolated incident and is in no way reflects the Indian corporate sector, which maintains global standards of management.