ibnlive » Business

Jun 21, 2009 at 09:20pm IST

Satyam Computers is now Mahindra Satyam

Hyderabad: Two months after taking over scam-tainted Satyam Computer Services, Tech Mahindra on 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 on 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.

CHANGING TIMES: Tech Mahindra bought the scam-hit IT company in an open auction in April.

"This re-branding exercise symbolises 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 organisation 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The Government launched a probe, superseded the board, and put the company up for sale in open auction.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.

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