Software firm Mahindra Satyam was today formally merged with its parent Tech Mahindra to create the country's fifth largest software services firm.
"Over the past 4 years we worked through the statutory and legal issues, our teams worked closely on the ground to integrate processes, eliminate overlaps, leverage best
practices and deliver enhanced value to all our shareholders," Tech Mahindra Executive Vice Chairman Vineet Nayyar said at a press conference here.
The board of Tech Mahindra and Mahindra Satyam had approved the merger on March 21, 2012. After an approval from the Mumbai High Court, the merger had been awaiting clearances from the Andhra Pradesh High Court, which gave the nod on June 11, 2013.
Nayyar announced that Milind Kulkarni will be the CFO of the combined entity.
On the path ahead, Tech Mahindra Managing Director CP Gurnani said: "We will continue to focus on telecom and manufacturing. And we strongly believe that by 2015 we will be a USD 5 billion company."
The Mumbai-headquartered company now has an employee strength of 84,000 serving 540 clients across 46 countries. Its revenues are at USD 2:7 billion.
The combined entity now has 11 locations in India and 15 overseas for BPO operations and software development.
Tech Mahindra completes Satyam merger, retains own name
(Reuters) Tech Mahindra completed on Monday the merger of its unit Satyam Computer Services with itself, making it the No. 5 Indian IT services provider.
The combined company will be called Tech Mahindra, according to a company statement on Tuesday.
Part of the $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.
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. A date for recording the exchange is yet to be set.