Tuesday, March 20, 2012

Tech Mahindra announces Satyam merger

Mumbai: Tech Mahindra announced its highly anticipated buyout of IT outsourcer Satyam Computer on Wednesday, creating a new force in the industry with annual revenues of $ 2.26 million.

Tech Mahindra bought 42.7 percent-stake in Hyderabad-based Satyam in April 2009 when the group was on the brink of collapse after accounting scandal.

The company has since operated under the name Mahindra Satyam and emerged from the crisis is profitable, posting net profit of 3.08 billion rupees ($ 61 million) for the last quarter of 2011.

The purchase of the remaining actions involve an exchange of shares, with Satyam shareholders receive a Tech Mahindra share for every 8.5 Satyam shares.

"The goal is to consolidate the information technology and related companies, and to form a single entity, providing services to the sector," a joint statement from the companies said.

Besides Satyam, four other fully owned subsidiaries Mahindra - Venturbay consultants, C and S System Technologies, CanvasM Technologies and Mahindra Logisoft Business Solutions - will be considered for full integration.

Satyam Computer shocked corporate India in 2009 when its founder B. Ramalinga Raju admitted he had for years overstated profits and inflated the signing of a balance of more than $ 1 billion.

The scandal almost pushed Satyam into bankruptcy, but Tech Mahindra, part of the Indian auto and farm equipment manufacturer Mahindra and Mahindra, came to the rescue.

Raju, once a star of India's software boom, is now on bail awaiting trial for conspiracy, cheating and forgery.

The new group will be India's fifth largest local listed software exporter by sales, and has annual revenue of $ 2.26 billion and a market value of nearly $ 3.4 billion, according to Dow Jones Newswires.

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