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iGATE drops out of Satyam race; Spice bids

This article was posted on Mar 21, 2009 and is filed under Press Releases

iGATE has not filed an Expression of Interest (EoI) to bid for Satyam Computer Services before the 5pm deadline set by the crisis-mauled company’s board. On the other hand, the remaining three bidders, Tech Mahindra, Larsen & Toubro and Spice Group, went ahead and submitted their respective bids.

“iGATE, based on further analysis, has decided not to participate further in the bidding process for Satyam Computer Services,” the company said in a press release. Further details are awaited.

The second round of the Satyam bid process, which ended today, required prospective bidders to submit a detailed EoI along with proof that they had Rs 1,500 crore of cash available.

Will ask questions: Spice

BK Modi of Spice Group, confirmed in an interview, that the company had gone ahead to submit its bid. Spice, Modi said, had done its homework well and had an array of legal and technical advisors to assist them in the bid process. “We have prepared a detailed questionnaire, we have technical advisors on this, and we have a board that is very competent and asks questions. So, we will have our list of questions. Let’s see how much they can reply to,” he said.

source: moneycontrol

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