Petrol protests may delay diesel reform
The UPA government came under intense pressure on Thursday from within the ruling coalition and protesters to roll back the steepest petrol price hike in the country's history, less than 24 hours after it took the unpopular decision cheered by investors. Full Article
Reuters Showcase
Bharti Inks Deal
India's top mobile phone carrier to buy 49 pct in Qualcomm India broadband venture Full Article
Facebook IPO Fallout
Four of Wall Street's main market makers' losses total at least $100 mln Full Article
Aiming To Crack China
India's Mahindra taps Korean arm to push brand in world's largest auto market Full Article
Reuters India Mobile
Get the latest news on the go. Visit Reuters India on your mobile device. Full Coverage
WL Ross among bidders for India's Satyam - reports
MUMBAI, March 31 |
MUMBAI, March 31 (Reuters) - Private equity firm WL Ross & Co is among the bidders to buy a majority stake in fraud-tainted outsourcer Satyam Computer Services Ltd (SATY.BO), two newspapers reported on Tuesday.
WL Ross, run by U.S. investor Wilbur Ross, who made a fortune snapping up distressed firms and turning them around, has already completed the due diligence, the Economic Times said.
The Business Line said WL Ross representatives recently visited Satyam headquarters in the southern city of Hyderabad to begin the due diligence.
"I have no comments," Ranjeet Nabha, chief executive of WL Ross (India), told Reuters. A Satyam spokeswoman declined to comment on the bid process.
The other suitors for Satyam SAY.N, which plunged into a crisis in January after its founder quit as chairman revealing profits had been falsified for years, include Indian engineering conglomerate Larsen & Toubro (LART.BO) and mid-sized outsourcer Tech Mahindra (TEML.BO).
Satyam's market value has slid to $520 million from $7 billion last May.
The firm is now overseen by a government appointed board, which plans to sell the firm by April 30. For recent stories on Satyam, see [ID:nBOM394323] (Reporting by Narayanan Somasundaram; Editing by Ranjit Gangadharan)
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
Follow Reuters