Latest update: 13/04/2009 

- fraud - India - software - technology


Tech Mahindra wins bid for scandal-stricken Satyam
Tech Mahindra wins bid for scandal-stricken Satyam
Indian outsourcing firm Tech Mahindra has won the bidding for Satyam Computer Services, hit by India's biggest accounting fraud. The sale is intended to give Satyam much-needed capital and a fresh start.

Related links

AFP - India's Tech Mahindra has won the bid for Satyam Computer Services in a sale aimed at giving the scandal-hit outsourcing giant vital fresh capital and a new beginning, Satyam announced Monday.

The mid-level outsourcing firm put in the highest offer in sealed bids that were opened on Monday by Satyam's government-appointed board, a Satyam spokeswoman said.

"Tech Mahindra has won the bidding at 58 rupees a share," she told AFP.

Satyam has been struggling for survival since its founder B. Ramalinga Raju confessed in January that he faked a billion-dollar bank balance and inflated profits.

Tech Mahindra beat Indian engineering heavyweight Larsen & Toubro, which already had a 12 percent stake in Satyam and was seen as a front-runner for the company at the heart of India's biggest-ever accounting fraud.

Related Content
Close