Tech Mahindra Acquisition of Satyam and Next Steps

Here’s an update on the Satyam corporate incident from Dec-Jan, on which we had shared our thoughts. Tech Mahindra has emerged as the winning bidder for the 51% equity stake sale in Satyam. Tech Mahindra is also an IT outsourcing services company, and this development is a relief for Satyam’s employees and customers worldwide.

Kiran Karnik, the interim chairman of the Indian government appointed board of Satyam, said that it is up to Tech Mahindra to decide the way forward for Satyam. And of course, it shouldn’t be any other way. Tech Mahindra now has a wide array of restructuring projects as it tries to merge/rationalize Satyam’s services into its overall IT services portfolio.

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  1. Updates:
    Tech Mahindra has to deposit Rs 1,756 crore for acquisition of 31% equity stake in Satyam in escrow account by April 21. Then, Tech Mahindra’s board appointees can work with the government-appointed board to execute the board transition.

    Btw, interim Chairman Kiran Karnik said today that up to 10% of Satyam’s workforce (about 4500 people) could be redundant as its founder may have hired excess staff to hide the financial fraud.

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