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India's Tech Mahindra: $500M for Satyam

Monday, April 13, 2009

India's Tech Mahindra will pay more than $500 million for a controlling stake in Satyam Computer Services Ltd, throwing a lifeline to the fraud-hit firm and propelling itself into the top tier of Indian outsourcing firms.

Tech Mahindra, 31%-owned by Britain's BT Group, edged out engineering conglomerate Larsen & Toubro, widely seen as a front-runner, and private equity firm WL Ross & Co, in a bid to buy a stake of up to 51% in the company at the centre of India's biggest corporate scandal.

Three months ago, Satyam's founder and chairman shocked investors by saying profits had been overstated for years, and put in doubt the survival of a company once ranked as India's fourth-largest software services exporter.

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