Spice ready to put Rs 20 bn for 51% Satyam stake

Modi said the group had submitted on Thursday its proposal to the government-appointed new board of Satyam.

“We have also talked to two,three board members informally.”

Spice Group has diversified operations including mobile handset manufacturing,mobile software development,back-office operations,entertainment and retail.

Last year,it sold its mobile telecoms services business to Idea Cellular for 21.76 billion rupees.

“That is one of the sources (for funding). But we have other channels,” Modi said,adding that the group was capable to fund a possible deal internally.