Information technology services provider Tech Mahindra Ltd. announced this week it completed its merger with Mahindra Satyam. The company says it is now among the top five Indian IT services companies and that the combined companies have revenue of $2.7 billion (in U.S. dollars) and a team of 84,000 professionals serving 540 customers across 46 countries.
The Wall Street Journal reports the deal ends Satyam computer, which ran in to difficulty four years ago when its founder, B. Ramalinga Raju, admitted he overstated company profits and created a fictitious cash balance or more than $1 billion. A government-appointed board then took control of the company and sold a majority stake to Mahindra.
“Today we have fulfilled the commitment made in 2009, when we acquired Satyam, to jointly become one of the largest diversified players leveraging technology for business solutions,” said Anand Mahindra, group chairman, Mahindra & Mahindra.
The boards of Tech Mahindra and Mahindra Satyam approved the merger on March 21, 2012. After an approval from Mumbai high court, the merger had been awaiting clearance from the Andhra Pradesh High Court, which came on June 11, 2013.