Satyam Computers is now Mahindra SatyamJune 21st, 2009 - 10:02 pm ICT by IANS
Hyderabad, June 21 (IANS) Two months after taking over scam-tainted Satyam Computer Services, Tech Mahindra Sunday renamed the IT major as Mahindra Satyam.
The logo will be adopted from the Mahindra Group. “This strategic move paves the way for the emergence of a robust brand, which draws from the core values of the Mahindra group and the inherent strength of the Satyam brand,” said a company statement here Sunday evening.
“Customer centricity, high standards of corporate governance, unimpeachable ethics form the cornerstones of the Mahindra Group,” said Mahindra Group vice chairman and managing director Anand Mahindra.
“This rebranding exercise symbolizes an amalgamation of the Mahindra Group’s values with Satyam’s fabled expertise, even as it retains that part of Satyam’s identity which signifies commitment, purpose and proficiency of the organization and its people,” the statement said.
Satyam’s executive vice chairman Vineet Nayyar described the move as “a significant milestone towards the recovery of the company”.
Tech Mahindra, owned by the $6.3 billion Mahindra Group, bought the scam-hit IT company in an open auction in April.
The re-branding comes six months after Satyam’s founder and then chairman B. Ramalinga Raju confessed to a Rs.78-billion accounting fraud.
The government launched a probe, superseded the board, and put the company up for sale in open auction.
Ramalinga Raju, his brother Rama Raju, former chief financial officer Vadlamani Srinivas and five other accused are currently in jail.
Tags: accounting fraud, amalgamation, anand, b ramalinga raju, chief financial officer, computer services, core values, cornerstones, corporate governance, customer centricity, executive vice, group vice, mahindra group, open auction, rama raju, satyam computers, srinivas, sunday evening, tech mahindra, vice chairman