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Mahindra Satyam: merger with Tech Mahindra to take a yr
November 15, 2010 / 1:32 PM / 7 years ago

Mahindra Satyam: merger with Tech Mahindra to take a yr

BANGALORE, Nov 15 (Reuters) - 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)

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