May 04 2012 |
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Indian IT firms’ merger to be completed soon
Friday, May 04, 2012
Dubai The merger of Mahindra Satyam and Tech Mahindra is likely to be completed in the next eight to nine months without major obstacles.
An annual general body meeting of Tech Mahindra shareholders will be held next month to consider the merger proposal, a top company official told Gulf News.
“Both companies have received clearance from stock exchanges [BSE and NSE]. We expect the entire process to take less than nine months, however given the regulatory process involved it is difficult to predict the exact timeframe,” Hari T., Chief Marketing Officer and Chief People Officer at Mahindra Satyam , said.
He said: “As a combined entity, we would be known as a full service provider with services offerings in all industry verticals and competencies. In some of the business like telecom, we are already market leaders with $1 billion (Dh3.67 billion) plus in size and we would like to maintain this leadership position and further grow there.”
The merger is expected to create India’s fifth-largest IT services company with a revenue of more than $2.5 billion.
By Naushad K. Cherrayil?Staff Reporter
© Gulf News 2012. All rights reserved.
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