MUMBAI: Indian IT outsourcer Tech Mahindra yesterday completed a takeover of its partly-owned unit Mahindra Satyam, creating a new force in the sector with annual revenues of $2.7bn.
The new entity will retain the name Tech Mahindra — with a new logo — and be amongst India’s top five locally-listed IT outsourcers with 540 clients, a Tech Mahindra statement said.
Tech Mahindra bought a 42.7 percent stake in Hyderabad-based Satyam in April 2009 when it was on the verge of collapse following an accounting scandal.
The company has since operated under the name Mahindra Satyam and has emerged from the crisis profitable, posting a net profit of 9.01 billion rupees ($152 million) for the last financial year ended March 2013.
AFP
