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British Telecom backs Tech Mahindra Satyam deal

British Telecom backs Tech Mahindra Satyam deal
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First Published: Tue, Apr 14 2009. 06 12 PM IST
Updated: Tue, Apr 14 2009. 06 12 PM IST
London: BT Group Plc, the British telecommunications carrier that holds 31% of Tech Mahindra Ltd, said it backed its affiliate’s plan to acquire a stake in scandal-hit Satyam Computer Services.
“As a shareholder in Tech Mahindra we support the deal,” a BT spokesman said.
The Satyam Fiasco (Full Coverage)
BT is also a major customer of Tech Mahindra, which provides software services.
Tech Mahindra said on Monday it would pay more than $550 million for a controlling stake in Satyam Computer Services Ltd, throwing a lifeline to the fraud-hit company and propelling itself into the top tier of Indian outsourcing companies.
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First Published: Tue, Apr 14 2009. 06 12 PM IST