Tech Mahindra wins bid for Satyam Computers

HYDERABAD: Tech Mahindra, which counts BT as its top customer has won the bid to acquire a majority stake in the scandal-hit Satyam Computer Services, after almost three month-old process to find a new Satyam owner culminated on Monday.

According to sources who requested anonymity, Tech Mahindra offered Rs 58 per share for the Satyam bid, while engineering firm L&T made an offer of around Rs 49 for each Satyam share.

The Satyam acquisition will help Tech Mahindra diversify its software services business, and compete aggressively with bigger rivals such as TCS, IBM, Infosys and Wipro.

Satyam, which serves customers such as GE, GM and Ford will also help Tech Mahindra build a better portfolio of customers.