After the Andhra Pradesh high court gave a green signal for the merger of erstwhile fraud-ridden Satyam Computer Services (later re-branded as Mahindra Satyam) with Tech Mahindra, the management of the later has announced a formal amalgamation of the two companies.
Tech Mahindra had acquired Satyam as part of a government sponsored bidding process in April 2009 and the two companies were operating as separate entities pending legal hurdles.
The management has decided to not give a new name to the new entity, retaining the Tech Mahindra name for the joint company based on a ''majority view of employees, customers and analysts,'' said C P Gurnani, the chief executive and managing director of the merged firm.
''The only difference is that the Satyam name will cease to exist from today,'' Gurnani added.
Vineet Nayyar who will remain as the executive vice chairman of the company said that there will be no major change in the company's operations as the two companies had been operating as one company.
''There is no excess weight which has to be shed, only more bone and muscles which have to be added,'' Nayyar said.
The entity will have $2.7 billion in revenues and 84,000 employees, and will become the fifth largest IT services company in India.
Tech Mahindra had acquired Satyam as part of a government sponsored bidding process in April 2009 and the two companies were operating as separate entities pending legal hurdles.
The management has decided to not give a new name to the new entity, retaining the Tech Mahindra name for the joint company based on a ''majority view of employees, customers and analysts,'' said C P Gurnani, the chief executive and managing director of the merged firm.
''The only difference is that the Satyam name will cease to exist from today,'' Gurnani added.
Vineet Nayyar who will remain as the executive vice chairman of the company said that there will be no major change in the company's operations as the two companies had been operating as one company.
''There is no excess weight which has to be shed, only more bone and muscles which have to be added,'' Nayyar said.
The entity will have $2.7 billion in revenues and 84,000 employees, and will become the fifth largest IT services company in India.
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