Spice Group offers Rs2,000 crore for 51-per cent Satyam stake
30 January 2009
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.