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    Mahindra Satyam merges with Tech Mahindra

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    Mahindra Satyam merges with Tech Mahindra
    Tech Mahindra: Quotes, News
    BSE 799.35BSE Quote2.25 (0.28%)
    NSE 800.35NSE Quote2.25 (0.28%)
    Software firm Mahindra Satyam was today formally merged with its parent Tech Mahindra to create the country's fifth largest software services firm.
     

    "Over the past 4 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," Tech Mahindra Executive Vice Chairman Vineet Nayyar said at a press conference here.

    Speaking on the occasion, CP Gurnani, Managing Director, Tech Mahindra said, "Consumerism across today‟s connected world is being fuelled by a convergence of technologies. Our new positioning „Connected World. Connected Solutions.‟ reflects this business opportunity and reality. Our innovative and customer centric offerings integrate technology with business, enabling Enterprises, Associates and the Society to Rise. I thank all stakeholders for their continuous and unfailing support at all times."

    The Boards of Tech Mahindra and Mahindra Satyam had approved the merger on Mar 21, 2012. After an approval from Mumbai high court, the merger had been awaiting clearance from the Andhra Pradesh High Court, which gave the nod on Jun 11, 2013.

    With inputs from PTI

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