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Saturday, January 24, 2009

iGate interested in buying Satyam: CEO

IGate Corp, an outsourcing services provider, has informed the new board of Satyam Computer Services that it would be interested in buying the fraud-hit outsourcer, its chief executive said on Friday.

"We would be interested in buying Satyam, assuming we can figure out what their liabilities are," Phaneesh Murthy said in telephone interview.

"We believe the board is going to come with their own strategy ... if the strategy involves sale of the company then we will be interested in it."

IGate, which has about $65 million of cash, is in touch with private equity firms for possible funding of any deal, he said.

But IGate would not be interested in buying Satyam, which is fighting for survival after a revelation of massive accounting fraud, if its liabilities were more than $1.25 billion

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Tuesday, Jun 24
01:00 CFTC S&P 500 NC Net Positions 1 $-127.7K
01:00 CFTC Oil NC Net Positions 1 191.9K
01:00 CFTC Gold NC Net Positions 1 $187.5K
01:00 CFTC GBP NC Net Positions 1 £51.6K
01:00 CFTC AUD NC Net Positions 1 $-69.9K
08:30 Credit Card Spending (YoY) 1 0.5%
15:00 BoE's Greene speech 2
18:00 Chicago Fed National Activity Index 1 -0.25
18:00 Current Account 1 $-440.0B $-303.9B
18:00 Consumer Price Index (MoM) 2 0.5% -0.1%
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