MUMBAI, June 25: IT firm, Mahindra Satyam today merged with its parent Tech Mahindra, to become the country’s fifth largest IT service provider.
Commenting on merger, CP Gurnani, MD of Tech Mahindra said,’Consumerism across today’s connected world is being fuelled by a convergence of technologies. Our new positioning ‘Connected World.
Connected Solutions.’ reflects this business opportunity and reality.’
We will continue to focus on telecom and manufacturing. And we strongly believe that by 2015 we will be a USD 5 billion company,he further said.
The merger entity creates, a technology services powerhouse,with revenues of USD 2.7 billion, a team of 84,000 professionals servicing 540 customers across 46 countries.
The combined company will be called Tech Mahindra.
Pune-based Tech Mahindra owns close to 43 percent of Satyam.
It is offering one share in itself for every 8.5 shares of Satyam to absorb the company. It has 11 locations in India and 15 overseas for BPO operations and software development.
Part of the USD 16 billion Mahindra group, Tech Mahindra purchased Satyam in a government-backed auction in 2009 after the founder of the Hyderabad-based company admitted to one of India’s biggest accounting frauds.
(UNI)
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