Mahindra Satyam and Tech Mahindra endorse new merger plans
Mahindra Satyam, previously named Satyam Computers, was created following a major stake bought by Tech Mahindra in 2009. This venture occurred due to Mahindra Satyam being involved in one of India’s biggest accounting frauds. Since then, Satyam Computers, renamed Mahindra Satyam, has been trying to rebuild its company and the merger is seen as a major drive in this process.
Ramalinga Raju, Satyam’s founder, admitted in 2009 that the company had been falsifying their accounts for a number of years. The company, however, was given a lifeline following a proposal by Tech Mahindra to purchase a major stake.
A statement from CP Gurnani, CEO of Mahindra Satyam reads:
“The Mahindra Satyam turnaround is a shining story of determination and grit and now comes to its most important chapter, with this merger”. According to latest figures, the company had made a net profit of 3.08 Rupees (£38m, $61m) in the three months before the end of December 2011 – an increase of 424% from a year prior.
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