Tech Mahindra formally swallows Satyam label
Four years after Mahindra group acquired fraud-hit Satyam Computer Services, the Hyderabad-based IT service provider has been merged completely into group company Tech Mahindra.business Updated: Jun 25, 2013 21:55 IST
It’s now official. Satyam is no more.
Four years after Mahindra group acquired fraud-hit Satyam Computer Services, the Hyderabad-based IT service provider has been merged completely into group company Tech Mahindra.
With the amalgamation that was finalised on Tuesday, Satyam, which was later renamed Mahindra Satyam, has formally ceased to exist.
The combined company, which has become the fifth-largest Indian IT service provider, will be known Tech Mahindra, the company said.
Decks were cleared for the merger following approval from the Andhra Pradesh High Court on June 11. Both Tech Mahindra and Mahindra Satyam had decided to merge in March 2012.
Tech Mahindra holds a 43% stake in Mahindra Satyam. For every 8.5 shares, Mahindra Satyam shareholders will get one Tech Mahindra share.
Tech Mahindra specialises in servicing the telecommunication industry, while Satyam has been into consulting and outsourcing.
The combined company has $2.7 billion (Rs 16,000 crore) revenue, an 84,000-strong workforce and 540 clients in 46 nations.
First Published: Jun 25, 2013 21:40 IST