The cat is finally out of the bag and this time it’s straight from the horse's mouth. Satyam is looking out for a buyer, who will help pump in money and keep the company running.
There are many suitors waiting in the aisles but according to those who have known the merger play at Satyam closely, there were at least seven contenders for Satyam before the ugly truth unfolded.
However, business is still there and most parties are still interested.
While there are three American companies including IBM in the list, one Japanese suitor, Fujitsu or Hitachi, might be interested, too.
Also, one European company possibly Capgemini and two Indian companies, L&T Infotech and Tech Mahindra, are the ones doing the rounds.
While the institutional investors are dumping Satyam stock in bulk, L&T Capital is buying and is now the largest stakeholder in Satyam with over four per cent.
L&T Capital thus, could be the king maker or can buy out Satyam and expand its tech arm, L&T infotech.
Although it’s a possibility that the company denies at the moment, NDTV learnt from sources that the option cannot be ruled out.
Besides, a consortium of big stakeholders like L&T, LIC and other mutual funds could also come together to takeover the company.
Meanwhile, sources also say that non IT companies, including large business houses like ADAG, might see this as an opportunity to shore up their IT presence.
But, Satyam certainly would need a brave buyer, as the company now faces a class action suit in connection with Upaid’s billion dollar claim and possible criminal proceedings in India.
Now, the ‘White Knights’ are the only hope for Satyam at this hour, but an IT company is all about its employees and clients.
They would have to keep them together because if they part ways with Satyam, there will be very little left to buy.
Click here to see the text of his resignation letter. For more details about Satyam scam click the links below.
Satyam scam1
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Ramalinga Raju's profile
Future of Satyam workers
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