Tech Mahindra to complete Satyam's 75-mn dollars Australian projectJuly 1st, 2009 MELBOURNE - Tech Mahindra, the new owner of troubled Indian IT services firm Satyam, has for the first time confirmed its continued commitment to a 75 million dollars software development project in Geelong, Australia. There were grave concerns that the project would be axed after Satyam Computer Services founder and chairman, B.
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).
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.
Satyam pulls out of $75 mn Australian projectSeptember 11th, 2009 CANBERA - Mahindra Satyam has pulled out of a $75 million software development project that the disgraced Satyam founder had promised to set up in Australia's Geelong city, media reports said Friday. Sujit Baksi, the company's president of corporate affairs, formally conveyed the decision to the government of Victoria state through a letter addressed to provincial IT Minister John Lenders, the Australian daily reported.
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.
Tech Mahindra Wins Bid for Satyam ComputerApril 13th, 2009 MUMBAI - Tech Mahindra, the IT arm of auto major Mahindra and Mahindra, Monday won the bid for India's fourth largest software exporter Satyam Computer. Satyam's new board of directors, which met here to select the highest bidder, chose Tech Mahindra following its bid of Rs.1,757 crore ($351.4 million) for 31 percent stake in the scam-tainted IT giant.
C.P. Gurnani appointed chief executive of Indian outsourcer Mahindra SatyamJune 23rd, 2009 Indian outsourcer Mahindra Satyam gets new CEOMUMBAI, India — Mahindra Satyam, a rebranded Indian outsourcing company nearly brought down in a $1 billion fraud, said Tuesday that C.P. Gurnani, an executive from its new controlling shareholder, has been appointed chief executive.
Tech Mahindra registers interest in Satyam bidding processMarch 12th, 2009 MUMBAI - IT services major Tech Mahindra has registered its interest in bidding for 51 percent stake in scam-hit Satyam Computers, it was announced Thursday. 'In line with the process set out by the board of Satyam Computer Services, Tech Mahindra, on March 12, 2009, registered its interest in participating in the bidding process.
Satyam pulls out of Oz university development projectSeptember 11th, 2009 MELBOURNE - Mahindra Satyam has pulled out of a 75 million dollars software development project at Deakin University that was set to create 2000 jobs in Geelong, Victoria. The company's president of corporate affairs, Sujit Baksi, informed the state government of its intention in a letter to IT minister John Lenders.
Tech Mahindra to provide IT solutions to Etisalat DBSeptember 7th, 2009 MUMBAI - Software outsourcer Tech Mahindra will provide telecom operator Etisalat DB with IT solutions and infrastructure requirements for its proposed services rollout in 15 telecom circles, it was announced here Monday. The contract, valued at Rs.2,000 crore or $400 million, is valid for 10 years, Etisalat DB, earlier known as Swan Telecom, said in a statement.
Tech Mahindra says Satyam poses challengesApril 13th, 2009 MUMBAI - Tech Mahindra, which Monday agreed to acquire a controlling stake in Satyam Computer Services, admitted the crisis-ridden IT firm's liabilities would add to the challenges usually associated with an acquisition. 'We have taken on a challenge and we will make it work,' Mahindra and Mahindra group vice-chairman and managing director Anand Mahindra told reporters after being selected as the highest bidder for the Hyderabad-based IT firm.
Wipro to open development centre in AustraliaSeptember 30th, 2009 BANGALORE - Global software major Wipro Ltd will boost its presence in Australia by opening a 150-seat software development centre at Melbourne this December, the IT bellwether said Wednesday. Announcing the decision on the occasion of Victoria premier John Brumbys visit to the companys corporate headquarters in this tech hub, Wipro chairman Azim Premji said the Victorian operations would strengthen the companys Australia delivery capabilities and boost its presence in the country.
Lay-offs begin at satyam as 10000 employees may come under axe including senior executives, benched and non-IT peopleJune 3rd, 2009 Its a bad news really but Tech Mahindra, the new owner of Satyam computers, have started laying off in the first phase. Trainers, HR and sales and marketing executives are being singled out for action. The first phase of layoffs has started.
Qantas praises Mahindra Satyam as a good value partnerSeptember 2nd, 2009 MELBOURNE - Qantas has praised outsourcing partner Mahindra Satyam's performance despite the latter being embroiled in a much-publicised billion-dollar accounting scandal. According to Australian IT, Qantas corporate services and technology executive manager David Hall said despite the fraud saga, Satyam continues to service the Flying Kangaroo.
Satyam board says company on way to resurrectionApril 13th, 2009 MUMBAI - It was with a sense of satisfaction and achievement that the six-member board of Satyam Computer Services Monday announced the virtual 'rebirth' of the crisis-ridden software giant, hoping its future would now be sound and secure. At a hurriedly convened press conference after Tech Mahindra agreed to pick up a 31 percent stake in Satyam for Rs.1,756 crore (Rs.17.56 billion/$351 million) at Rs.58 per share, the board members appeared relaxed.