This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-17455204
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
Mahindra Satyam and Tech Mahindra approve merger plan | Mahindra Satyam and Tech Mahindra approve merger plan |
(about 2 hours later) | |
Tech Mahindra and Mahindra Satyam have announced plans to merge, a move that will create one of India's biggest software companies. | Tech Mahindra and Mahindra Satyam have announced plans to merge, a move that will create one of India's biggest software companies. |
The new entity will have combined revenues of $2.4bn (£1.5bn). | The new entity will have combined revenues of $2.4bn (£1.5bn). |
Mahindra Satyam was created after Tech Mahindra bought a major stake in Satyam Computers, the firm involved in one of India's biggest accounting frauds. | Mahindra Satyam was created after Tech Mahindra bought a major stake in Satyam Computers, the firm involved in one of India's biggest accounting frauds. |
Satyam's founder Ramalinga Raju admitted in 2009 that the company had been overstating profits for years. | Satyam's founder Ramalinga Raju admitted in 2009 that the company had been overstating profits for years. |
The company was given a lifeline after Tech Mahindra purchased a major stake. | The company was given a lifeline after Tech Mahindra purchased a major stake. |
Renamed Mahindra Satyam, it has been trying to rebuild and the merger is seen as a major step in the process. | Renamed Mahindra Satyam, it has been trying to rebuild and the merger is seen as a major step in the process. |
"The Mahindra Satyam turnaround is a shining story of determination and grit and now comes to its most important chapter, with this merger" CP Gurnani, chief executive of Mahindra Satyam, said in a statement. | |
According to the latest data, the company made a net profit of 3.08bn rupees ($61m, £38m) in the three months to the end of December, a jump of 424% from a year earlier. | According to the latest data, the company made a net profit of 3.08bn rupees ($61m, £38m) in the three months to the end of December, a jump of 424% from a year earlier. |
Previous version
1
Next version