Tech Mahindra raises Rs.600 crore to fund Satyam acquisition

April 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.

April 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.

March 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.

April 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.

June 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.

April 20th, 2009 Tech Mahindra deposits $582M for Satyam stakeMUMBAI, India — The new owners of Satyam Computer Services Ltd. made their first visit to the company's Hyderabad headquarters Monday, speaking with employees just hours after depositing $582 million to buy a 51 percent stake in the troubled outsourcing giant.

April 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.

July 2nd, 2009 HYDERABAD - The Andhra Pradesh government Thursday said the state has posted a 24.5 percent growth in information technology export revenues during 2008-09, higher than the projected national growth of 20.65 percent, but this includes the inflated figures submitted by the scam-tainted Satyam Computer Services. The exports during the year were Rs.32,509 crore (Rs.325.09 billion/$6.79 billion) against Rs.26,122 crore (Rs.261.22 billion/$5.45 billion) during 2007-08.

September 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.

September 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.

June 25th, 2009 MELBOURNE - Tech Mahindra, which took over scandal hit Satyam Computer Services, will hold high-level talks with key Australian corporate clients of the troubled IT firm in a bid to salvage the reputation of the company. National Australia Bank is one of the key customers Tech Mahindra executive vice-chairman Vineet Nayyar will be meeting next week.

April 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.

July 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.

September 15th, 2009 MELBOURNE - The Government of Victoria's decision to give a grant to Indian software giant Satyam Computers now Mahindra Satyam despite failing a federal government litmus test for funding is shrouded in mystery. The grant by Victoria controversially enabled the original firm to embark on the 75 million dollar Geelong IT project.

September 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.