Bid process to be defined in 7-10 days: Satyam

Satyam board expects to outline the bidding process in the next 10 days time,Karnik said.

Written by Reuters | Mumbai | Published: February 12, 2009 3:22:35 pm

Satyam Computer Services Ltd’s board expects to outline the bidding process for a possible sale of the fraud-hit firm in the next 10 days time,Chairman Kiran Karnik said on Thursday.

“We expect the (bidding) process to be defined in 7 to 10 days,” Karnik told reporters.

“It’s a work in progress. I can’t give any deadline. I can only tell you,this needs to be done quickly.”

Karnik said on Wednesday many potential suitors had approached Satyam,but a formal sale process was yet to begin.

The board has appointed Goldman Sachs and Avendus,an Indian investment bank,to look for strategic investors.

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