Indian IT services provider Tech Mahindra, an outsourcing group partly owned by British Telecom of the UK, has won a controlling stake in Satyam Computer Services. Satyam is India’s fourth largest outsourcing company and since January has been embroiled in one of the biggest corporate scandals in the nation’s history.
During the auction, which was conducted in a luxury hotel in Mumbai on 13 April, very little financial information was offered about the current state of Satyam, and no reassurances were given regarding the likely outcome of the class action lawsuits that have been launched by US law firms and financial institutions against the troubled company.
Tech Mahindra, in which British Telecom owns a 31% stake, put in the highest bid during the sale, which was initiated by Satyam’s government-appointed board. It acquired a 31% stake in the company, through its subsidiary Venturbay Consultants, for US$351 million.
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