Mumbai: The merger of Tech Mahindra and Mahindra Satyam is expected to be complete after the related proceedings are concluded at the Andhra Pradesh and Bombay High Courts over the next few weeks.
“We are now at penultimate stage of merger. The cases are coming up for hearing over the next few weeks at Andhra Pradesh and Bombay High Courts. We are anxiously looking forward to the decision,” Tech Mahindra MD and CEO Vineet Nayyar told reporters in Mumbai.
Vineet Nayyar. AFP
The Mahindra Group bought Satyam in a government-sponsored sale in 2009 after the founder of the Hyderabad-based company admitted to one of the largest accounting frauds.
The merger was announced on 21 March 2012. Tech Mahindra has got approval from Competition Commission of India (CCI), while the shareholders gave their approval in a court-convened meeting on 7 June.
“We look to progress of the merger of Tech Mahindra and Mahindra Satyam in an expeditious manner and to leverage the benefits of unified and larger base operations. As we approach the final phase of process, we are focused on aligning processes and system across the two companies,” Nayyar said.
“We are currently in the process of taking decision over branding,” Nayyar added.
PTI
