Update on Satyam
Satyam, until recently India’s fourth largest software exporter by revenue, is also looking to keep its costs under control as it fights not only for survival but as it also tries to appear attractive to any potential buyer.
The government appointed six-member board is currently considering a sale of the company to strategic investors and has hired Goldman Sachs and Avendus as advisers.
Releasing senior managers and not filling up their posts is one way to ensure the company looks “lean” as the move to sell the company gains pace, a Satyam spokeswoman said.
Two of Satyam’s senior executives — Anil Kumar, senior vice president of the software exporter’s banking and financial services section, and Subbu D. Subramanian, head of its manufacturing and automotive services division — resigned due to personal reasons. Mr. Kumar resigned Monday, and Subramanian left the company last Friday.
“We do believe that given the nature of events, a certain spike in attrition is inevitable. However, we have not seen alarming trends and we continue to monitor this very closely,” he said.
Mr. Murty said Satyam has been approached by representatives from numerous entities expressing interest. “The board and executive team have a fiduciary responsibility to consider all serious offers. We will evaluate them all, but are under no duress to act on them immediately as there is no timeline that we can commit at this stage.”
The government has said that it hopes to find a strategic partner for Satyam shortly, with board member Deepak Parekh saying Tuesday that a buyer could be identified by the end of February.
The board has already made it clear that the company would be sold in full and not in parts.
Indian engineering and construction firm Larsen & Toubro Ltd., which currently holds a 12% stake in Satyam; Indian software firm HCL Technologies Ltd., the Hinduja Group, Tech Mahindra Ltd. and the B.K. Modi-led Spice Group have all expressed interest in buying Satyam.
“The organization has been through a serious crisis, and my role is to help it get back on its feet,” Mr. Murty said.
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