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New investor in 3 weeks

business Updated: Feb 24, 2009 23:41 IST
PTI
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Satyam Computer Services is likely to complete bidding process to rope in a strategic investor in the next three weeks and complete restatement of accounts by end-March, a top source said.

The Board, however, has not decided the quantum of stake to be divested to the strategic investor. This would be decided after evaluating the bidders, the source said. The board has received six-seven Expressions of Interest that is believed to include Spice Communication, Hinduja Group and Larsen & Toubro. “Once the Board receives the bids, it is likely to take not more than a week to zero in on the successful bidder,” the source said.

The IT major's financial health has improved considerably in the last month and the company is unlikely to go in for more loans in the short term, the source said.