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The buyer of Satyam Computer, Tech Mahindra Ltd announced to run the beleaguered outsourcing company as a standalone unit. According to a statement from Tech Mahindra, at the moment priority will be given to resurrect the lost business and win back the glory. The buyers of Satyam are now concentrating on keeping in the customers.
According to the chairman of Tech Mahindra, there is every possibility of resurrecting the lost business of Satyam and his company is determined to put it on the winning track. However, Tech Mahindra did not clarify about any possible layouts in Satyam. Tech Mahindra had won the bid to acquire a minority stake in the scandal-hit IT firm. It was the highest bidder for a stake in Satyam at an auction last week.
Tech Mahindra has deposited $351 million for a 31 percent allotment of new shares and for an open offer up to 20 percent of the company at a cost of up to $231 million. Satyam Computer found itself in a disastrous situation when its founder and chairman, B Ramaliga Raju revealed that the profits of the company had been overstated for years. As a result of which, investors started to loss confidence over Satyam.
After the scam, Satyam was almost on the verge of collapsing until the government stepped in and sacked the board to limit damage. The new buyer of Satyam, Tech Mahindra intends to operate it as a standalone unit and aims to meet key customers across the world.
