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Spice Group to Buy Stake in Satyam?

9:42 AM MST | February 2, 2009 | Esther D'Amico

Spice Group (Mumbai) has made a rupee20-billion ($408 million) offer for a majority stake in IT consulting firm Satyam Computer Services (Hyderabad, India), according to media reports. The news follows the resignation last month of Satyam founder and former CEO Rama Raju and former CFO Srinivas Vadlamani, amid Raju’s disclosure of accounting fraud that overstated results by nearly $1 billion. Satyam says it has no comment on media reports. The company said in a statement late last month that it has received several proposals from unspecified...

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