US-based outsourcing services provider iGate Corporation ( the Integrated Technology and Operations Co.) has submitted a formal expression of interest to buy Satyam. The other three bidders who have officially expressed their interest in Satyam include L&T, Tech Mahindra and the Spice group.
iGate Corporation, led by CEO Phaneesh murthy, has said in a statement that it now expects to receive latest financial statements from Satyam. It also wants an updated position on liabilities and potential liabilities of the company. The statement goes on to add that if it does net get the information immediately, “it has no option but to withdraw its expression of interest.”
Media reports suggest that at least eight serious bidders have expressed an interest in buying Satyam, including private equity funds. The position of IBM and HP is still not confirmed, but their interest has now waned. It is still not clear if US-based CSC has expressed interest in Satyam. Hinduja Group has officially pulled out of the race for Satyam.
The next step involves proof of $300 million or Rs 1,500 crore cash with the bidders by March 20. iGate has earlier said that it’s in talks with private equity firms for possible funding of any deal. The company has about $65 million of cash with itself.