Spice, L&T shortlisted for Satyam bidding: report

BANGALORE, INDIA: India's Spice Group and engineering and construction conglomerate L&T have been shortlisted for Satyam bidding, say reports. As per media reports the list of bidders includes three private equity funds and Tech Mahindra.

Earlier, iGate had opted out of the bidding. Satyam board is likely to send letters to shortlisted bidders soon, according to sources.

"We received a letter yesterday from Satyam on the short-listing,” Dow Jones Newswires quoted Spice Group chairman B. K. Modi as saying. If successful, Spice Group would buy Satyam via Spice Innovation, Modi told 'The Wall Street Journal'.

He said within two week, Spice Group will get a report from its lawyers on the lawsuits Satyam is facing in the U.S. Recently Satyam had got a green signal from the government to sell off 51 percent stake.

Satyam has been looking for a buyer to help revive the firm after its founder B. Ramalinga Raju confessed to the financial irregularities in the company.