Spice Group wants to invest 408 million dollars in Satyam

From ANI

New Delhi, Jan 30: The Spice Group has expressed an interest to invest 408 million dollars in Satyam Computer Services and buy a 51% stake in the company.

Spice Chairman B K Modi said, "We want the money to go inside the company. For that they will have to make a preferential issue. If I buy shares from the market, the money will not go into the company."

Modi revealed that his company has submitted its proposal to the newly appointed board of Satyam on Thursday and has also talked to two or three board members informally.

Spice Group sold its mobile telecom services business to Idea Cellular for 21.76 billion rupees last year.

However, the group chairman informed that Spice was capable to fund a possible deal internally.

Spice Group has diversified operations including mobile handset manufacturing, mobile software development, back-office operations, entertainment and retail.


Copyright Asian News International/DailyIndia.com