iGATE registers interest in buying majority stake in Satyam
13 Mar 2009
Nasdaq listed IT and outsourcing solutions major iGATE is among a total of four major contenders, including infrastructure major Larsen and Toubro (L&T), Mahindra and Mahindra's IT arm Tech Mahindra and the BK Modi controlled Spice Group, interested in acquiring a majority 51 per cent stake in fraud-hit Satyam Computer Services.
Reports quoting investment banking sources, however, said about eight potential bidders have registered to buy a 51 per cent stake in Satyam Computer Services.
"We are now expecting to receive from Satyam the latest financial statements, including those for the quarter ended December 2008 and the months of January and February 2009, and updated position on liabilities and potential liabilities of the company," iGATE said in a press release.
"In the event of iGATE not receiving this information immediately, it has no option but to withdraw its expression of interest," the statement added.
Integrated technology and operations company iGATE, which has its Indian headquarters in Bangalore, is led by former Infosys' worldwide head of sales and marketing Phaneesh Murthy.
Of the four firms, which have registered expressions of interest in acquiring a 51 per cent stake in Satyam Computer Services, L&T already holds about 12 per cent equity stake in the company.
The Hinduja Group, which had expressed interest earlier, has reportedly withdrawn from the bid.
iGATE provides IT consulting, application development and maintenance, data warehousing, business intelligence solutions, ERP/ enterprise solutions, BPO/business service provisioning, infrastructure management, independent verification and validation, KPO and contact center services. The company has been assessed at CMMI Level 5, ensuring the highest levels of quality and data security. iGATE has 16 offices in 34 countries and manages global delivery centers in Mexico, Australia, Malaysia and India.
