Satyam board to outline sale plans in a week: Karnik

12 February 2009

Having ensured financial stability for the time being, scam-hit Satyam Computer today said it is looking ahead for ways to meet long-term plans, including a sale of the IT firm.

The Satyam board expects to outline the bidding process for a possible sale of the IT firm in the next 10 days, chairman Kiran Karnik said.

"We expect the (bidding) process to be defined in 7 to 10 days," Karnik said. "It's a work in progress. I can't give any deadline. I can only tell you, this needs to be done quickly," he added.

Karnik said on Wednesday many potential suitors had approached Satyam, but a formal sale process was yet to begin.

 "We have put out the fire and are now looking at financial stability," he said, adding that the IT company would mortgage land if more funds were needed.

He, however, did not say if it has been decided on putting Sataym Computer up for sale.