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Satyam Computer Services, the Indian I.T. and outsourcing giant that was nearly sunk by its founder's billion-dollar accounting fraud, has been sold to a smaller rival in an unusual auction in which bidders were unable to assess the true financial standing of the company...
...provider, won the auction on Monday, agreeing to buy 31% of Satyam for $352 million, a 23% premium to Satyam's last closing price on Thursday. Tech Mahindra plans to make a public offer to acquire 20% more of Satyam shares to gain a majority stake, as required by Indian law, taking the cost of the deal to $580 billion. (Read TIME's 2006 cover story about telecommunications in India...
...purchase is a gamble by Tech Mahindra, which is joint venture between Indian Mahindra & Mahindra and British Telecom. Accountants are still trying to unravel years of fraudulent accounting; bidders had little access to reliable financial data, and there is additional risk of class-action suits and litigation in the U.S. relating to the fraud. Other interested buyers, including IBM and India's Spice Group, withdrew because of the uncertainties. "It's a very risky bet," says New Delhi-based equities analyst Dhirendra Kumar. "The reward or penalization could match the risk." Tech Mahindra has yet to issue a comment...
...goes well, the deal could propel Tech Mahindra into the top tier in Indian software services. Satyam's client base, which includes Cisco Systems and Nestle SA, would reduce the company's heavy reliance on British Telecom, its biggest customer. The markets gave the purchase a thumbs-up. Tech Mahindra shares were up 12% at the end of trading Monday, while Satyam shares were up 3%. Also applauding the deal were India's business groups. "The smooth completion of the bidding process for Satyam demonstrates that India has an adequate legal and institutional mechanism for handling and resolving a major...
...where they convert the available hydrogen and carbon (by-products of digestion) into methane, a colorless, odorless gas. "We encourage well-to-do farmers to use oilseed cakes, which provide unsaturated fatty acids that get rid of the hydrogen," Singhal says. Another solution is herbal additives. Some commonly used Indian herbs such as shikakai and reetha, which go into making soap, and many kinds of oilseeds contain saponins and tannins, substances that make for lathery, bitter meals but block hydrogen availability for methogens. Singhal says the herbs are used in small quantities and the cows don't seem to mind...