Posted by
alfredlester on Sunday, June 21, 2009 10:00:47 PM
Satyam Computer Services said on Sunday it would rebrand itself as Mahindra Satyam, its latest step in efforts to recover from India&S217;s worst corporate fraud scandal.
Tech Mahindra, a unit of the tractor and utility vehicle maker Mahindra &&8; Mahindra, won an auction in April for a controlling stake in Satyam.
Satyam was one of India&S217;s largest information technology companies, with more than 50,000 employees and market capitalization of more than $7 billion, before the chairman, B. Ramalinga Raju, said in January that he had falsely claimed assets of about $1 billion in cash and inflated the company&S217;s operating margins.
According to Indian investigators, more than a dozen people in the company&S217;s finance department were involved in the fraud.
Satyam provides back office and information technology services for hundreds of companies, including Nestl&>33; and General Electric. The Indian government took control of the company after the fraud was revealed and pushed through a quick sale to prevent losses in the country&S217;s $71 billion outsourcing industry.
Tech Mahindra, a leading telecommunications services provider, is 31 percent owned by the BT Group, the British telecommunications company.
&S220;We are optimistic that this new brand will re-energize the organization and will be well received by all our stakeholders,&S221; Vineet Nayyar, executive vice chairman of Satyam&S217;s board, said in a statement.
After Fraud Scandal, the Indian Outsourcer Satyam Is Renamed
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