Mahindra renames Satyam, unveils new business plan

Mahindra renames Satyam, unveils new business plan
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First Published: Mon, Jun 22 2009. 12 30 AM IST

Fresh start: Mahindra Group managing director Anand Mahindra. Rajkumar / Mint
Fresh start: Mahindra Group managing director Anand Mahindra. Rajkumar / Mint
Updated: Mon, Jun 22 2009. 09 50 AM IST
Hyderabad/Bangalore: Tech Mahindra Ltd, the new owner of Satyam Computer Services Ltd, has renamed the firm Mahindra Satyam, and unveiled a new business plan with a thrust on good corporate governance and citizenship and recovery of its business through joint branding and go-to-market strategies. The firm will also adopt the logo of the Mahindra Group and leverage the parent’s brand with customers.
Fresh start: Mahindra Group managing director Anand Mahindra. Rajkumar / Mint
“Customer centricity, high standards of corporate governance, unimpeachable ethics form the cornerstones of the Mahindra Group,” said Anand Mahindra, vice-chairman and managing director, Mahindra Group. “This rebranding exercise symbolizes an amalgamation of Mahindra Group’s values with Satyam’s fabled expertise, even as it retains that part of Satyam’s identity which signifies commitment, purpose and proficiency of the organization and its people.”
The new name was decided after a two-day meeting of executives of Mahindra Group, Tech Mahindra and Satyam at Hyderabad. “This is a significant milestone towards the recovery of the company,” said Vineet Nayyar, executive chairman of Tech Mahindra.
The rebranding comes weeks after Satyam posted better-than-expected results for the December quarter and the first two months of the fourth quarter.
In April, the Mahindra Group company had acquired 31% of Satyam for Rs1,756 crore through a preferential allotment of shares at Rs58 each. As required under Indian law, Tech Mahindra said it would buy another 20% in Satyam through an open offer to shareholders at the same price, involving a payout of Rs1,154.66 crore.
c.sukumar@livemint.com
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First Published: Mon, Jun 22 2009. 12 30 AM IST