Satyam to be sold off by April 30

SCANDAL-SOAKED outsourcer Satyam Computer Services said that it will select a winning bidder for a majority stake in the struggling company by April 30.

Apparently the deal will require 100 key Satyam employees to be kept on the payroll for 12 months and require the outfit not to be asset stripped for two years.

The board is selling a 51 per cent stake in the company as part of an effort to keep it in business following a January disclosure that Satyam's profits had been overstated for several years.

All sorts of names have been suggested as potential buyers including IBM and billionaire investor Wilbur Ross. µ

L'Inq
Bloomberg