🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Satyam to be rebranded "Mahindra Satyam"

Published 06/21/2009, 02:16 PM
Updated 06/21/2009, 02:24 PM
BT
-

NEW YORK, June 21 (Reuters) - Outsourcing company Satyam Computer Services Ltd said on Sunday it would rebrand itself as "Mahindra Satyam," its latest step in efforts to recover from India's worst corporate fraud scandal.

Satyam, once ranked as India's No. 4 outsourcer, shocked investors in January with the revelation that it had overstated profits for years.

Tech Mahindra , a unit of tractor and utility vehicle maker Mahindra & Mahindra and 31 percent-owned by Britain's BT Group , won an auction in April for a controlling stake in Satyam.

"We are optimistic that this new brand will re-energize the organization and will be well received by all our stakeholders," Vineet Nayyar, executive vice chairman of Satyam's board, said in a statement. (Reporting by Ritsuko Ando; Editing by Leslie Adler)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.