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Two months after taking over scam-tainted Satyam Computer Services, Tech Mahindra Sunday renamed the IT major as Mahindra Satyam.
The logo will be adopted from the Mahindra Group. "This strategic move paves the way for the emergence of a robust brand, which draws from the core values of the Mahindra group and the inherent strength of the Satyam brand," said a company statement here Sunday evening.
"Customer centricity, high standards of corporate governance, unimpeachable ethics form the cornerstones of the Mahindra Group," said Mahindra Group vice chairman and managing director Anand Mahindra.
"This rebranding exercise symbolizes an amalgamation of the Mahindra Group's values with Satyam's fabled expertise, even as it retains that part of Satyam's identity which signifies commitment, purpose and proficiency of the organization and its people," the statement said.
Satyam's executive vice chairman Vineet Nayyar described the move as "a significant milestone towards the recovery of the company".
Tech Mahindra, owned by the $6.3 billion Mahindra Group, bought the scam-hit IT company in an open auction in April.
The re-branding comes six months after Satyam's founder and then chairman B. Ramalinga Raju confessed to a Rs.78-billion accounting fraud.
The government launched a probe, superseded the board, and put the company up for sale in open auction.
Ramalinga Raju, his brother Rama Raju, former chief financial officer Vadlamani Srinivas and five other accused are currently in jail.
Last updated on Jun 21st, 2009 at 20:37 pm IST--IANS
A prototype of the light combat helicopter (LCH), designed and developed by the state-run Hindustan Aeronautics Ltd (HAL), is set for its maiden flight soon, a top company official said Friday.
The six new medical colleges and two para-medical colleges coming up in Uttar Pradesh would be run under a public-private partnership (PPP) arrangement.
The Chandigarh police Friday conducted surprise raids at various cyber cafes in this union territory and found over a dozen cafes were not keeping proper records of the customers.
Scientists Friday said that the government was in the process of formulating guidelines for regulation of probiotic foods, which have flooded the Indian markets, and the guidelines would be in place by January 2010.
Narmada Bachao Andolan leader Medha Patkar met Railway Minister and Trinamool Congress chief Mamata Banerjee here Friday to convey her opposition to certain provisions of the land acquisition bill that is to be introduced in the winter session of parliament.
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