Satyam's new client additions steady: Anand Mahindra
Mahindra group Vice-Chairman Anand Mahindra on Wednesday said its acquired IT company Mahindra Satyam (formerly Satyam Computer) is getting new clients regularly.business Updated: Jan 06, 2010 18:44 IST
Mahindra group Vice-Chairman Anand Mahindra on Wednesday said its acquired IT company Mahindra Satyam (formerly Satyam Computer) is getting new clients regularly.
"The attrition of (clients) stopped very shortly after we took over. We have been making very steady progress in getting new clients," Mahindra told reporters at the Auto Expo here where group company Mahanidra & Mahindra is showcasing its products.
He said challenges before Mahindra Satyam are similar to that any large IT company in India faces.
"Just a year ago, it was facing what I call unique challenges, though they are no longer unique. Now, our growth depends on recovery of both the Indian the global economy."
Tech Mahindra, in which Mahindra & Mahindra holds 45 per cent stake, acquired scam-tainted Satyam Computers in 2009. The scam, seen as the India's biggest corporate fraud, came to the fore after Satyam founder B Ramalingaraju admitted to accounting fraud involving multi-crores of rupees. The scam also led to flurry of client exits.
The government quickly stepped in to replace the existing board with its own nominees and in April in an online auction Tech Mahindra bought Satyam and re-branded it as Mahindra Satyam. At present, it holds 42 per cent in the Hyderbad based company.
Mahindra Satyam counts General Electric Co, Cisco Systems and GlaxoSmithKline Plc among its top clients, had renewed over 50 deals last year.