iGate not a bidder for Satyam Computer

By Lisa Kerner

Charlotte, N.C., March 20 - iGate Corp. said it will not participate further in the bidding process for Satyam Computer Services Ltd.

No reason was given for iGate's decision in the short statement issued by the company on Friday.

iGate is an outsourcing solutions company based in Fremont, Calif.

Satyam previously announced that the Securities and Exchange Board of India approved a bidding process to select an investor to acquire a 51% interest in Satyam, a Hyderabad, India-based outsourcing company.

Qualified bidders are expected to have total net assets in excess of $150 million, Satyam said.

In January, Satyam's government-appointed board of directors announced it had retained Goldman Sachs and Avendus to assist in the review of strategic options, including identifying strategic investors and obtaining expressions of interest.

As previously reported, Satyam chairman and founder B. Ramalinga Raju unexpectedly resigned after admitting he overstated the company's cash and bank balances by $1 billion and inflated profits over the last several years, throwing the company into turmoil.

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