After opting out, iGate is back in fray for Satyam

IT outsourcing services provider iGate Corporation, which had initially shown interest to acquire Satyam Computer, and later opted out of the race, has now formally joined the bidding process for acquiring the scam-tainted company.

The California headquartered company on Friday said that the it had filed a formal expression of interest (EoI) in Satyam based on the process specified by the Satyam Board. Indian suitors including L&T, Tech Mahindra and Spice group have already filed the EoI to acquire Satyam.

"iGate is now expecting to receive from Satyam the latest financial statements, including those for the quarter ended December 2008 and the months of January and February 2009, and updated position on liabilities and potential liabilities of the company," Nasdaq-listed iGate said in a statement.

The company, however, said that in the event of the company not receiving this information immediately, it would withdraw the expression of interest.

In February this year, Phaneesh Murthy, CEO, iGate Corporation had said that fraud-hit Satyam had lost its value with customers moving out of the company. “The process has taken time, customers have moved out and Satyam has lost its value. We have lost interest in buying the company,” Murthy said.

Prior to this, iGate had announced that it would be interested in buying Satyam, and the company was in talks with private equity firms for possible funding for the deal.