Tech Mahindra acquires Satyam outbidding L&T

By at 14 April, 2009, 1:59 am

Tech Mahindra becomes No. 4

MUMBAI: The beleaguered Satyam Computer Services has finally found a new owner, after its founder chairman, B. Ramalinga Raju left it in the lurch with his confession of corporate fraud in January this year. Tech Mahindra pipped Larsen & Toubro and Wilbur Ross to the post and is set to initiate the takeover process pending the approval of the Company Law Board which should happen in a week. The final act of the Satyam saga played out on Monday with the government-appointed board of directors selecting Venturbay Consultants Private Ltd., a subsidiary controlled by Tech Mahindra, as the highest bidder to acquire a controlling stake in the IT services company.

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