SINGAPORE:
IT firm Mahindra Satyam plans to invest
US$120 million (S$150 million) in Asia Pacific over the next three years. It
also has its sights set on winning contracts from telcos, governments, banking
and healthcare sectors.
The
company said it plans to start afresh and expand after a messy legal tussle and
merger following the acquisition of scandal-hit Satyam Computer Services by its
parent, Mahindra Group, in 2009.
It was
dubbed India's Enron scandal - a billion-dollar false accounting scandal that
brought Indian IT giant Satyam to its knees in 2009. But the company - which
has since been acquired by the Mahindra Group and renamed Mahindra Satyam -
hopes to start anew.
C.P.
Gurnani, CEO of Mahindra Satyam, said: "I strongly believe that the past
is behind us, the past is not what we have done or designed, but we can build
on the future."
The
Mahindra Group is one of the top ten business houses in India alongside the
Reliance Group and Tata Group. It is best known for making tractors and cars,
but has diverse business interests from aerospace to agriculture.
Mahindra
Satyam has spent the past three years cleaning up the legal mess left by
Satyam, which saw cash reserves exaggerated by some US$1 billion.
Now,
with just a few final regulatory hurdles to cross, Mahindra Satyam will be
merged with another Mahindra unit - Tech Mahindra. This will create India's
fifth largest IT firm.
Mr
Gurnani said: "This will be the largest IT start up in the world, because
it's an IT start up which is starting with 75,000 people. To me it is just a
state of mind - while we will have process maturity, while we have systems that
represent US$2.5 billion (in revenue), at our heart we will be a start up, we
will remain entrepreneurial."
Mr
Gurnani expects the merger to completed by mid-November. He added that the
merger will result in synergies, as Mahindra Satyam is a leader in business
process outsourcing while Tech Mahindra provides business and operations
support to telecommunications firms.
Going
forward, Mahindra Satyam will focus on Asia Pacific, its fastest growing
market.
Mr
Gurnani expects its business in Asia Pacific to grow by 30 per cent over the
next three years.
The
company will invest around US$120 million in the region over the next three
years, targeting the telco, government, banking and healthcare sectors.
-CNA/ac
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