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Mahindra group’s two technology ventures, Tech Mahindra and Mahindra Satyam, would be merged by the end of this year, a senior group official said here.
“Also, the Mahindra name would certainly be there in the combined entity, although there have been no decision so far on whether to retain the Satyam name also,” Mahindra Satyam Chairman Mr Vineet Nayyar told PTI here on the sidelines of the World Economic Forum Annual Meeting 2012.
“The integration would certainly happen pretty soon. The process would be initiated very soon and hopefully by the end of 2012, we may have one single company,” said Mr Nayyar, who is also the vice-chairman, MD and CEO of Tech Mahindra.
Mahindra Satyam is a strategic partner for the WEF Annual Meeting being held here.
Asked whether the legal issues concerning the former auditors and former management of erstwhile Satyam Computer would affect the merger, Mr Nayyar said, “I do not think so. The legal issues should not affect the process, why should they?”
On whether the group would continue with the Satyam brand name, given the negativity of the past attached to it, he said.
“Mahindra is more important to us than Satyam“.
“The bad image associated with Satyam seems to have got over, because Mahindra has always been a very good name in terms of brand, corporate governance and everything else,” he added.
Asked if Satyam name would be dropped after the integration, he said, “Nothing has been decided as yet, but one thing is certain that Mahindra name would remain there.”
On whether Tech Mahindra would be merged into Mahindra Satyam or the opposite would be done, he said a decision is yet to be taken on that. Consultants would suggest the process, but the final call would be taken by the management.
Tech Mahindra acquired Satyam Computer Services in April, 2010 and later renamed the company Mahindra Satyam.
In January, 2009, erstwhile Satyam Computer’s founder and then Chairman Mr B Ramalinga Raju admitted to fudging account books to the tune of thousands of crores of rupees.
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