M&M group may throw hat in the ring for Satyam

The Mahindra and Mahindra (M&M) group, with major interests in IT, today said it will look at acquiring the troubled Satyam Computer Services if it finds a strategic value in the deal.

"We have a major IT company. We are watching the situation with interest. If there is anything of strategic value, clearly we will be looking at it," M&M Vice-Chairman and Managing Director Anand Mahindra told PTI on the sidelines of the World Economic Forum meeting here.

He declined to elaborate his plan of action saying, "I don't want to comment any further at this point of time."

The group's Tech Mahindra is a major player in the India's strong IT industry.

The M&M group is the latest to show interest in scam-hit Satyam. Though Tech Mahindra was believed to be among the suitors for Satyam, the M&M group has now confirmed its interest in the strategic acquisition.

L&T, iGate and the BK Modi group have already expressed their desire to acquire Satyam, which is now being managed by a government-appointed board.

Top government and business leaders have told the global audience that Satyam is a one-off affair. They also said that the government's response to the crisis was quick.