Satyam on sale, receives multiple bids

Several Indian companies have confirmed plans to acquire a controlling stake in troubled Indian IT services firm Satyam, reports revealed over the weekend.

According to Bloomberg, Spice Corp chairman, industrialist B. K. Modi, has offered US$408 million for a controlling stake in the company. The bid reportedly added to expressions of interest by engineering firm Larsen & Toubro and diversified group Hindujas.

Bloomberg reported that Satyam had hired investment banking group Goldman Sachs to find a buyer last week. The company has gone into a death spiral over the past month following revelations that chairman B. Ramalinga Raju had inflated assets by US$1 billion.