A satyam saga: All bidders likely to be shortlisted | business | Hindustan Times
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A satyam saga: All bidders likely to be shortlisted

business Updated: Mar 22, 2009 21:31 IST
Mahua Venkatesh
Mahua Venkatesh
Hindustan Times
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All bidders including heavy engineering major Larsen and Toubro, BK Modi-promoted Spice Group and IT major Tech Mahindra are likely to be shortlisted for the final leg of the race to acquire the ailing Satyam Computer Services.

The government-appointed board of Satyam is set to announce the final list of suitors next week.

The data room of Satyam would be made available to the shortlisted candidates by next month. “The board of the IT firm would be responsible for ensuring that no speculative bidders are encouraged in the exercise,” Manoj Kumar, managing partner, Hammurabi and Solomon told Hindustan Times.

In the absence of any authentic information on the company's financial and legal status, the process of valuation would be difficult for the bidders. However, due diligence would be key said a source close to the development.

It was due to the non-availability of authentic financial and legal data on Satyam that companies like iGate and the Hinduja Group backed out of the race.