BANGALORE Nov 15 India's Mahindra Satyam
SATY.BO has started the consultation process for a merger
with parent Tech Mahindra (TEML.BO) and expects the process to
take a year, its Chairman Vineet Nayyar said on Monday.
Tech Mahindra (TEML.BO), which bought Satyam in April 2009
and is operating it as an independent company, had said in
September it can only start the process of merging Satyam into
the parent after announcing quarterly results.
Earlier, the IT services firm posted net profit for the
first and second quarters of fiscal 2011, in the first
quarterly reports since it was hit by India's biggest corporate
fraud in 2009.
($1= 45.2 rupees)
(Reporting by Bharghavi Nagaraju; Editing by Bryson Hull)