New Delhi: Tech Mahindra Tuesday announced the formal amalgamation of Mahindra Satyam with it.
The company is amongst the top five Indian IT services companies and the merged entity has revenue of $2.7 billion and a team of 84,000 professionals servicing 540 customers across 46 countries.
“Today we have fulfilled the commitment made in 2009, when we acquired Satyam, to jointly become one of the largest, diversified players leveraging technology for business solutions.
"Tech Mahindra is a testimony to the tireless efforts of our associates and the trust reposed by our investors. I’m confident that we are now geared to grow even faster in the future," Anand Mahindra, group chairman, Mahindra & Mahindra, said.
The merged entity, which will be called Tech Mahindra, now has a new logo as well.
The boards of Tech Mahindra and Mahindra Satyam had approved the merger on March 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 June 11, 2013.
The court ruled out the claims of some creditors who claimed that during the promoter Ramalinga Raju's time the company had borrowed around Rs.1,230 crore from them.
Vineet Nayyar, executive vice chairman of the company, said that over the past four years they had 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 stakeholders.”
The Mahindras took over Satyam after the Hyderabad-based company collapsed following its founder admitting to one of the country's biggest accounting frauds.