Process to select strategic partner to be announced this week

The board of Satyam is likely to announce the details of the process of inviting strategic partners into the company by the end of this week, the Chairman of the board, Kiran Karnik, said on Sunday.

The board of Satyam is likely to announce the details of the process of inviting strategic partners into the company by the end of this week, the Chairman of the board, Kiran Karnik, said on Sunday.

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“As per the CLB order we will approach SEBI and by the end of this week we expect to make the process public and after that we will invite proposals from the interested parties,” Karnik said.

While the board did not announce the process at Saturday’s meeting, leading to possible suitors seeking details on this, Karnik said the process that “we have devised is first to get approval from the regulatory authority as per the direction of the CLB. We expect to get approval this week and make it public at the same time”.

Karnik did not divulge whether the board has decided in favour of inducting a strategic minority partner or selling 51 per cent of the company’s equity.