TechM wants transfer of Satyam’s SEZs

Our Bureau Hyderabad | Updated on August 21, 2013

After consummating the merger with Mahindra Satyam, Tech Mahindra now seeks to complete the process of absorption of the Hyderabad-based company by integrating assets, HR policies and approvals that were granted in favour of the firm that went into oblivion.

As it takes up the integration of human resource policies of the two firms, the company has approached the Union Ministry of Commerce, seeking its nod to take ownership of three Special Economic Zone permissions given to Satyam Computer Services in Tamil Nadu and Andhra Pradesh.

The company has written to the Board of Approval of SEZs in the Ministry of Commerce. “Satyam Computer Services was granted co-developer status for its ELCOT SEZ at Sholinganallur (Kanchipuram district, Tamil Nadu) in 2007. Subsequently, we acquired the IT firm in 2009 and merged it with us in 2013 after getting statutory and legal permissions,” the company said.

Asking the board to transfer the co-developer status, Tech Mahindra gave an undertaking, taking responsibility for liabilities. “We will abide by all rules and regulations prescribed under SEZ Act and Rules,” the company said.

It made similar requests for Satyam’s SEZs in Bahadurpally and Madhapur (both in Ranga Reddy district, Andhra Pradesh). SEZs contribute about one-third of company’s revenues. It made a combined annual revenue of $2.7 billion.

The Board would take up this request at its meeting scheduled for August 30.

Meanwhile, Andhra Pradesh Industrial Infrastructure Corporation, a State Government agency, sought for an extension of validity period of approval granted for setting up IT SEZ at Madikonda in Warangal district. It already received three extensions by the board.

Published on August 21, 2013

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