Tech Mahindra Wins Bid for Satyam computers

Tech Mahindra, a joint venture between British Telecom and the Indian conglomerate Mahindra & Mahindra, stands to win control of Satyam Computer Services after a bid that values the fraud-damaged company at $1.2 billion.
Tech Mahindra was the highest bidder for Satyam, with a 58 rupee, or $1.16, per share bid, for 31 percent of the company, Satyam said Monday. The offer beats a bid from the Indian engineering firm Larsen & Toubro, which already owns a 12 percent stake in Satyam.

Mahindra Ltd. (TechM) formerly known as Mahindra British Telecom (MBT) is a joint venture between Mahindra & Mahindra Limited (M&M) and British Telecommunications plc (BT), UK with M&M(Mahindra and Mahindra) holding 44% and BT holding 39% of the equity. Tech Mahindra has its headquarters at Pune, India. Tech Mahindra has grown rapidly to become the 6th largest software exporter in India (Nasscom, 2007) and 2nd largest Telecom Software Provider in India (Voice & Data, 2007). It has more than 24000 employees.
With its core strength in providing Telecom Solutions, Tech Mahindra provides a wide variety of services ranging from IT Strategy and Consulting to Systems Integration, Application Development & Maintenance, BPO, Infrastructure Management and Product Engineering. Tech Mahindra is ISO 9001:2000 certified and is assessed at SEI-CMMi Level 5 and SEI-PCMMi Level 5. Tech Mahindra is also BS7799 certified across all development centers.
Some of its largest clients are BT, AT&T, Alcatel-Lucent & O2. Significant portion of revenues comes from UK, but the company is aggressively expanding in other major economies like US, Continental Europe, ANZ, Canada & Middle East. However dependency on its single largest client, BT, from which it derives 65% of its revenue is considered by analysts to be the biggest challenge for the company.
Through a subsidiary, it has emerged victorious in Satyam sell-off, a company probably two times its size in number of people.
Tech Mahindra emerges highest bidder to acquire Satyam
Ending the three-month ordeal of about 50,000 employees, Tech Mahindra on Monday emerged as a top bidder with an offer of Rs 58 a share for a 31 per cent stake in beleaguered Satyam Computer, beating a strong rival L&T.
Tech Mahindra would acquire the stake in an all-cash deal, followed by an open offer for a 20 per cent stake to take management control of the company.
No immediate comment could be obtained from either Tech Mahindra or L&T.
After evaluating the bids, the government-appointed board of Satyam Computer today announced that "its Board of Directors has selected Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra Limited as the highest bidder to acquire a controlling stake in the Company, subject to the approval of the Hon'ble Company Law Board."
The Company was administered by a new Board appointed pursuant to the orders of the CLB dated January 9, 2009. The process to select a strategic investor has reached this significant stage within three months of the new Board’s first meeting.
"On behalf of all Satyamites and their families, we congratulate Tech Mahindra on being the highest bidder. The selection of the highest bidder, in a fair, open and transparent process, signals a new stage for the Company in its progress towards stabilization and growth," Satyam said in an announcement.
Source: http://en.wikipedia.org/wiki/Mahindra_&_Mahindra_Limited