Software Outsourcing Company iGATE joins fray to buy majority stake in Satyam Computer ServicesMarch 13th, 2009 NEW YORK - Nasdaq listed IT and outsourcing solutions major iGATE Friday announced its interest in acquiring a 51-percent stake in scam-hit Indian firm Satyam Computer Services by registering for a global auction. This brings up to four the number of firms interested in buying a majority stake in Satyam, whose founder Ramalinga Raju confessed to a Rs.74 billion ($1.5 billion) fraud in January.
Satyam board meets to assess biddersMarch 20th, 2009 HYDERABAD - The Satyam board met on Friday to assess the proposals of the bidders for acquiring up to 51% stake in the embattled IT company, and discuss several other issues. The Government-appointed company board has received several expressions of interest, including those from engineering major Larsen and Toubro, B K Modi-led Spice Group, software firm Tech Mahindra and iGate, a company official said after the meeting.
Tech Mahindra to run Satyam as standalone unitApril 21st, 2009 Tech Mahindra Limited, which is taking over Satyamomputer Services Limited in a deal worth about 580 million dollars, has said that it would run the fraud-hit outsourcing firm as a standalone unit. Tech Mahindra said its immediate priority was to retain and win back lost clients of Satyam and the company intended to meet key customers across the world.
Obama tax move won't affect Indian firms, Murthy to presidentMay 8th, 2009 BANGALORE - Indian IT firms would not be impacted by the tax reform proposal of US President Barak Obama, Infosys Technologies chairman and chief mentor N.R. Narayana Murthy told President Pratibha Devisinh Patil Friday.
Tech Mahindra raises Rs.600 crore to fund Satyam acquisitionApril 18th, 2009 IT major Tech Mahindra, which needs to pay Rs.1,756 crore for acquiring 31 percent stake in the troubled IT firm Satyam Computer Services, Saturday said it has raised Rs.600 crore through debt instrument.The government-appointed board of Satyam Monday named Venturbay - a subsidiary of Tech Mahindra - as the winner of the auction to sell a majority stake in the fraud-hit IT giant.Under the share subscription agreement signed by the winning bidder and the board, Tech Mahindra will have to deposit the bid amount in an escrow account by April 21. Tech Mahindra will also make an open offer for another 20 percent stake in Satyam at Rs.58 per share for controlling stake (51 percent).
Israeli IT firms to bid for unique ID card projectJuly 2nd, 2009 BANGALORE - Israeli IT firms will partner with Indian vendors to jointly bid for the ambitious unique identification (ID) card project of the Indian government, a visiting Israeli IT industry official has said. "Israeli IT firms with domain expertise in e-governance and homeland security will bid for the unique ID card project jointly with Indian vendors, as local participation is key to such projects dealing with critical mass," Katrin Melamed, business development manager for the Israeli software industry, told IANS here.
Terror e-mails to IT firms may be ploy to mislead: policeJanuary 4th, 2009 BANGALORE - A flurry of e-mails threatening to blow up glitzy buildings of IT bellwethers like Infosys and Wipro in this tech hub of India may be a ploy to mislead people and create a scare, a top police official here said Monday. 'The city anti-terrorist cell (ATC) is investigating the e-mail threats received by some top IT firms located across the city's southeast IT corridor from Whitefield to Electronic City,' Bangalore joint commissioner of police Gopal Hosur told IANS here.
Tech Mahindra to announce 20 percent open offer for Satyam TuesdayApril 20th, 2009 HYDERABAD - Tech Mahindra, the new owner of scam-hit Satyam Computer Services, will announce an 'open offer' Tuesday to obtain an additional 20 percent stake in the software major, Satyam chairman Kiran Karnik said here Monday. Tech Mahindra, which deposited Rs.2,910 crore (Rs.29.1 billion) in an escrow account Monday for a 31 percent stake in Satyam, will see its total holding increase to 51 percent after the open offer.
Nortel bankruptcy jolts Indian IT outsourcing firmsJanuary 14th, 2009 MUMBAI - India's outsourcing firms were jolted Thursday after Canada-based Nortel Networks, one of North America's largest telecom equipment firms and a key client for many IT firms in this country, filed for bankruptcy. Among the biggies of Indian outsourcing firms that are expected to bear the heat of the development are Tata Consultancy Services (TCS), Wipro, Infosys and Sasken Communication Technologies, industry sources said.
How Social Networking Sites Can Get You Fired and Why?March 6th, 2009 I will start with the story straight up. Kimberley Swann, a 16-year-old girl from Clacton-On-Sea in Essex, began working as an office administrator for Ivell Marketing & Logistics at the beginning of February.
Indian firm could get Satyam audit mandateJanuary 11th, 2009 CHENNAI - Perhaps for the first time in the Indian corporate history, an audit firm - and a foreign one at that - is being dumped midway by a company. The government-appointed new board for Satyam Computer Services has declared that the fraud-hit IT bellwether will have a new audit firm to restate the books of accounts.
Obama stand on outsourcing is purely politics, comments US expertMay 5th, 2009 BANGALORE - US President Barack Obama's announcement to end tax sops to those US firms outsourcing jobs to countries like India has come under flak from Phil Harkins, a leading US management expert and chief executive of Linkage Inc, a global firm specialising in leadership development 'What Obama is doing is just politics. It's the arrogance of the US to think creating jobs overseas will result in job losses back home.
BPO firms in Philippines looking at windfall from Satyam scandalJanuary 12th, 2009 SINGAPORE/MANILA - With a billion dollar revenue fraud dealing the Indian IT sector a body blow, BPO firms in the Philippines are hoping to make capital by getting some of the business from the West. Leading politician Representative Joseph Santiago said the unravelling of the massive revenue fraud at Satyam Computer Services would dissuade multinational companies from seeking BPO services in India.
BPO firms in Philippines looking at windfall from Satyam scandalJanuary 11th, 2009 SINGAPORE/MANILA - With a billion dollar revenue fraud dealing the Indian IT sector a body blow, BPO firms in the Philippines are hoping to make capital by getting some of the business from the West. Leading politician Representative Joseph Santiago said the unravelling of the massive revenue fraud at Satyam Computer Services would dissuade multinational companies from seeking BPO services in India.
China pledges more funds for outsourcing industrySeptember 9th, 2009 BEIJING - The Chinese government has pledged more aid from the country's financial institutions to boost its outsourcing industry, officials said Wednesday. In a statement posted on the website of the central bank Wednesday, the government urged the banks to develop more policies and credit products tailored for the outsourcing business, especially for firms in the 20 pilot cities for the industry, including Beijing, Tianjin, Chongqing and Shanghai.