Tech Mahindra, India’s sixth largest software exporter, is the winner of a bid for troubled Satyam Computer Services (SAY). Tech Mahindra will pay $350 million for a stake in almost one-third of the company.
Today’s announcement ends a four-month effort to find a major investor that could bring Satyam back to prominence. Satyam was rocked by scandal earlier this year when its board chairman and his brother were arrested on fraud charges.
Anand Mahindra, chairman of Tech Mahindra, commented, “This is a landmark development for Tech Mahindra and I am delighted that we are the highest bidder for Satyam,” said Anand Mahindra, chairman of Tech Mahindra. “The Mahindra Group is known for its good governance and the Tech Mahindra team has demonstrated its outstanding customer centric focus over the last many years, I am sure that Satyam’s customers and employees will welcome this news. Looking forward, we are confident that this will lead to a positive transformation in Satyam’s business.”
