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January 17, 2006

Satyam savages IBM rumor

Indian IT services provider Satyam Computer Services Ltd has emphatically denied a report in the Financial Times that said it was in talks with IBM Corp about selling it a stake in the company.

By CBR Staff Writer

Hyderabad-based Satyam made clear that not only was it not talking to IBM, it wasn’t talking to any of the global players about such a tie-up, it never had, and never would. Satyam vehemently denies and wishes to put to rest once and for all any rumors of having entertained in the past, directly or indirectly, any such talk or dialogue with any global systems integrator. Nor does it intend to do as it considers the same to be not in the best interests of its stakeholders, it said.

IBM, by comparison, preferred the tried and trusted rebuff: We don’t comment on speculation.

Satyam will announce its third-quarter results on Friday.

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