Spice Corporation has announced that it has been shortlisted by the Satyam board to bid for a majority stake in the scam-tainted IT firm.
 A senior official of Spice Group said that the company would now get access to financial data relating to revenues, number of employees, clients and other details to value the firm for an auction price.
Spice Group chairman B K Modi has reportedly said that the group has around $535 million (Rs 2,700 crore) cash available from last year's sale of its stake in mobile services provider Spice Communications to Idea Cellular.
Modi said that if things go well, Spice Group would buy Satyam via Spice Innovation.
Spice Group is currently expecting a report from its lawyers on the class action lawsuits relating to Satyam in the US.
Earlier today, seven players were reportedly shortlisted for Satyam bidding including Larsen & Toubro (L&T). Tech Mahindra is also likely to get shortlisted. Earlier, Igate opted out of the bidding.
The Satyam board will send letters to shortlisted bidders soon.
Satyam has been looking for a buyer to help revive the firm after its founder B Ramalinga Raju revealed in January that he overstated the company's profits. Potential bidders were asked to submit documents by 20 March with proof of availability of at least $297 million (Rs 1,500 crore).
Tech Mahindra and L&T didn't respond to queries on whether they are being shortlisted for the bidding process. X
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