India's Tech Mahindra Wins Scandal-Scarred Satyam

The IT arm of conglomerate Mahindra & Mahindra faced little competition for a 51% stake in the troubled outsourcer. But can it win back Satyam clients?

Tech Mahindra, the information technology arm of auto and farm equipment conglomerate Mahindra & Mahindra (M&M), has emerged as the top bidder for beleaguered Hyderabad-based outsourcing company Satyam Computer Services (SAY). Tech Mahindra, which was advised by local investment banks Kotak Mahindra and BMR Advisors, will pay $600 million for a 51% stake in Satyam, India's fourth-largest IT company, valued at $1.5 billion.

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