Tech Mahindra, which merged Mahindra Satyam (Satyam Computer Services Limited) with itself a few months ago, is in the process of transferring three special economic zones that were allotted to the latter before merger.
According to a department notification, Tech Mahindra has approached the Board of Approvals (BoA) under the Department of Commerce for transferring rights of three SEZs (one in Tamil Nadu and two in Andhra Pradesh) and the proposal will come up for a discussion before the BoA on August 30.
SCSL was operating as co-developer in ELCOT IT/ITES SEZ at Sholinganallur, Kancheepuram District, Chennai, Tamil Nadu since 2007.
"The co-developer has since merged with M/s Tech Mahindra Ltd as per the orders of the High Court at Mumbai and Andhra Pradesh. Consequently M/s Tech Mahindra Ltd has now applied for transfer of co-developer status granted to M/s Satyam Computer Services Ltd in its name..."
"The acquirer company has given an undertaking to abide with all the assets and liabilities on a going concern basis and also to abide by all rules and regulations prescribed under SEZ Act and Rules," the department notification said in case of Tamil Nadu SEZ.
Deputy Commissioner, Madras Economic Processing Zone (DCMEPZ), has recommended that the proposal be placed before BoA for its consideration. The request is placed before the BoA for its consideration, it further said.
On June 25, Tech Mahindra said it completed the acquisition of Mahindra Satyam's merger and created the fifth largest IT Company in the country with revenues of over USD 2.7 billion. The announcement came four years after the Mahindra Group acquired the scam-hit Satyam Computer Services post a multi-million dollar accounting scam by its founder Ramalinga Raju.
Post acquisition, SCSL was rebranded as Mahindra Satyam. Similarly, TechM has sought permission for the transfer of two formal approvals granted to SCSL as developer of sector specific SEZs for IT/ITES SEZ at Bahadupally village, Qutubullapur Mandal and Hi-tech City, Madhapur in Ranga Reddy District of Andhra Pradesh. DC VSEZ has recommended both the proposals to be placed before BoA for its consideration.