Satyam to go slow on expansion, seeks more time for its SEZs
Mahindra Satyam has approached the Commerce Ministry for more time to develop the three IT Special Economic Zones in Andhra Pradesh as it has decided to go slow on its expansion plans due to the slowdown.delhi Updated: Jan 21, 2010 19:19 IST
Mahindra Satyam has approached the Commerce Ministry for more time to develop the three IT Special Economic Zones in Andhra Pradesh as it has decided to go slow on its expansion plans due to the slowdown.
Besides Mahindra Satyam, Wockhardt Infrastructure Development and the Kandla Port are among the 11 applicants that have sought extension.
The Board of Approval (BoA), headed by Commerce Secretary Rahul Khullar would take up these requests on February 11, an official said.
"In its application, Mahindra Satyam has said due to the global economic recession and IT slowdown in particular, it has decided to go slow on the infrastructure and expansion plans..." the official said.
Mahindra Satyam (earlier Satyam Computer Services), which survived one of the worst accounting frauds in the country last year, is in the process of "analysing the global economic situation to amend its expansion plans appropriately".
It had already been given extension for implementing the projects at Hyderabad and Visakhapatnam, which was to lapse in June.
Tech Mahindra, in which Mahindra & Mahindra holds 45 per cent stake, acquired scam-tainted Satyam Computers in 2009.
The scam came to the fore after Satyam founder B Ramalingaraju admitted to accounting fraud involving multi-crores of rupees.