Satyam pulls out of Oz university development project
September 11th, 2009 - 12:55 pm ICT by ANI
Melbourne, Sep 11 (ANI): Mahindra Satyam has pulled out of a 75 million dollars software development project at Deakin University that was set to create 2000 jobs in Geelong, Victoria.
The company’s president of corporate affairs, Sujit Baksi, informed the state government of its intention in a letter to IT minister John Lenders.
According to the Geelong Advertiser, Baksi wrote: “The need to concentrate on an extensive internal restructuring program of our business precludes Mahindra Satyam from embarking on expansion projects of this kind.
“While Mahindra Satyam is disappointed that it cannot proceed with the centre, it reaffirms its commitment to future expansion in Victoria when circumstances allow.”
A Satyam Australia spokeswoman confirmed that the project had been cancelled, The Australian reports.
According to the report, Baksi committed to Mahindra Satyam paying back the undisclosed cash grant to the Brumby Government, which the company was given to lure it to Geelong.
In July the new owner of Satyam, Tech Mahindra, said it was committed to the project and was investigating its viability.
The future of the Geelong project, occupying 10ha at Deakin University, came into question after Satyam founder and chairman B. Ramalinga Raju admitted to a one billion dollars accounting scandal in January. (ANI)
- Satyam pulls out of $75 mn Australian project - Sep 11, 2009
- Satyam fraud shatters Geelong's Silicon Valley dreams - Aug 03, 2009
- Mystery surrounds Satyam grant by Victoria Government - Sep 15, 2009
- Tech Mahindra to complete Satyam's 75-mn dollars Australian project - Jul 01, 2009
- Satyam pull out to cost Australia 175 million dollars loss - Sep 12, 2009
- Tech Mahindra seeks end to eight-year World Bank ban on Satyam Computer Services - Jul 02, 2009
- Stage set for Mahindra Satyam's merger - Mar 20, 2012
- Satyam Australia chief quits - May 27, 2009
- Mahindra Satyam, Tech Mahindra Ltd merge - Mar 21, 2012
- $10m US settlement in firm's interest, says Mahindra Satyam - Apr 06, 2011
- Mahindra Satyam's merger with Tech Mahindra next year - Nov 10, 2011
- Mahindra Satyam, Tech Mahindra merger likely in 8-9 months - Apr 24, 2012
- Satyam to build software development centre in Australia - Apr 14, 2008
- ANZ Bank reviews Satyam links - Jan 12, 2009
- Mahindra Satyam appoints three executives for Americas - Nov 22, 2010
Tags: accounting scandal, brumby, corporate affairs, deakin university, geelong advertiser, geelong victoria, intention, john lenders, melbourne, million dollars, minister john, one billion dollars, ramalinga, restructuring, sep 11, software development project, spokeswoman, state government, tech mahindra, viability