Spice Group may withdraw from Satyam bidding

Spice Group may withdraw from the race to buy the fraud-hit Satyam Computer Services Ltd due to a lack of desired transparency in the bidding process...

Written by Reuters | Bangalore | Published: March 26, 2009 12:49 am

Spice Group may withdraw from the race to buy the fraud-hit Satyam Computer Services Ltd due to a lack of desired transparency in the bidding process,its chairman said on Wednesday. Bidders for a 51 per cent stake in the outsourcing firm hit by India’s biggest corporate fraud are expected to be shortlisted soon,and they will be given access to some data and financial information before submitting their offer.

“We have the letter. It’s not very positive,so we may be withdrawing,” B K Modi said of Satyam’s response to Spice’s request to make the bidding process more transparent. Along with Spice,Indian engineering firm Larsen & Toubro and IT services firm Tech Mahindra are among potential suitors for Satyam,whose government-appointed board is looking for a buyer to revive the company. “We wanted transparency,which we have not got. We don’t know who the other bidders are. There is no understanding of (a) clear-cut auction process,” Modi said.

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