Satyam Computers is now Mahindra Satyam | business | Hindustan Times
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Satyam Computers is now Mahindra Satyam

business Updated: Jun 22, 2009 00:13 IST

Software services provider Satyam Computer Services Ltd today unveiled its new brand identity, "Mahindra Satyam", symbolising the amalgamation of the Mahindra Group's values with Satyam's expertise.

"This rebranding exercise symbolises an amalgamation of the Mahindra Group's values with Satyam's fabled expertise, even as it retains that part of Satyam's identity which signifies commitment, purpose and proficiency of the organisation and its people," Mahindra Group Vice-Chairman and Managing Director Anand Mahindra said.

The logo for the new brand would be adopted from the Mahindra Group, a company statement said.

The "Mahindra Satyam" brand would be based on values such as good corporate citizenship, professionalism, customer first, quality focus, and the dignity of the individual, the statement further added.

"With this initiative, we will witness steps by the Management to adopt and inculcate the values of performance and customer first, good corporate governance and citizenship, which are drawn from the Mahindra Group," Satyam Board Executive Vice-Chairman Vineet Nayyar said.

With this synergistic approach, Mahindra Satyam will learn from the best management practices of the Mahindra Group while focusing on nurturing Satyam's innate skills and capabilities, Nayyar added.

Once ranked number four IT exporters, Satyam was rocked by an accounting scandal.

In April Tech Mahindra had outbid others in the race to acquire a majority stake in the scam-tainted Satyam Computer, following which Venturbay, the acquisition vehicle of Tech Mahindra, had deposited Rs 1,756 crore in the escrow account as the subscription amount for the initial shares.

Further, Tech Mahindra has a cash tender offer to the public shareholders for acquiring an additional 20 per cent, at a minimum of Rs 58 per share, which started on June 12.