Mumbai, Mar 21 (IANS): The long-awaited merger of Mahindra Satyam and its parent company Tech Mahindra Ltd was announced here Wednesday after a joint board meeting of the two companies, an official said.
The merger will result in combined revenues of around $2.4 billion and more than 350 clients across different geographical and industrial sectors.
The move comes after a long and tumultuous journey for Satyam following an accounting scam admitted by its former chairman and founder Ramalinga Raju in January 2009.
The merger will lead to a new management structure to guide the combine.
The merger was proposed after the Anand Mahindra-owned Tech Mahindra bought over the Hyderabad-based Satyam Computer Service Ltd in 2009 in a government auction and renamed it Mahindra Satyam.
The merger had been put on hold in view of ongoing probes into the Satyam fraud by various investigating agencies.