Mahindra Satyam formally merges with Tech Mahindra

Written by fe Bureau | New Delhi | Updated: Jun 26 2013, 21:15pm hrs
Information technology services firm Tech Mahindra on Tuesday announced the completion of Mahindra Satyam's merger with itself to create the country's fifth-largest software services company with a turnover of $2.7 billion, chaired by Anand Mahindra.

The merged entity will aim to double turnover to $5 billion by 2015 by focussing on telecom, manufacturing and BFSI, among others. The combined firm now has an employee strength of 84,000 serving 540 clients across 46 nations. It has 11 locations in India and 15 overseas for BPO operations and software development. Milind Kulkarni will be the CFO.

Over the past four 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, said Tech Mahindra executive vice- chairman Vineet Nayyar.

On share swap, the company's md Gurnani said the swap will take place on July 5 in the ratio of 8.5 shares of Satyam for every share of Tech Mahindra held.

On the investment plan, Tech Mahindra CMO and global head (business consulting) T Hari said it has been investing in platforms to make it more competitive.