MUMBAI (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.
(Reporting by Narayanan Somasundaram; Editing by Ranjit Gangadharan)