Satyam

Tech Mahindra, an Indian outsourcer which has British Telecommunications as a key client and investor, has won the bid for a majority stake in troubled outsourcer Satyam Computer Services.

Satyam hopes to finalize a bidder by April 30, though the UN decision to stop dealing with Satyam is a setback for the company.

Two Indian companies say they have bid for a stake in Satyam, although large multinational companies may have stayed away.

Indian outsourcing company Satyam announced the start of a competitive bidding process that could lead to an investor acquiring a majority stake in the company.

Pretty alarming news not long ago about the meltdown at Satyam. In case you missed it, Satyam has become the Enron of India. Former Chairman B. Ramalinga Raju had been reporting for years more than $1B in phony revenue, and when that caught up to him, it caught up fast.

Satyam bagged $250 million in new business as the board planned to bring in fresh management and funds.

Indian outsourcer Satyam Computer Services will implement a range of costs-cutting measures to survive the global recession, the company said Thursday.

The government-appointed board chose new management for Indian outsourcer Satyam Computer Services on Thursday, and said it had raised about US$130 million in working capital from banks to tide over the liquidity crunch in the company.

Satyam board appoints management advisor and investment banks, as it evaluates interest by strategic investors.

The board of scandal-ridden Satyam Computer Services met again on Friday without arriving at a solution to the company's liquidity crisis, or selecting a new management team for the company.

Although analysts expect that Satyam Computer Services will lose customers in the fallout of its accounting scandal, major customer General Electric said Tuesday it had not moved work from Satyam.