The new owners of Satyam Computer Services, Tech Mahindra renamed the IT major as Mahindra Satyam today.They bought the company when it was in a situation to close down and legal problems circulating it. The ex owner of Satyam Mr.Ramalinga Raju and other 5 members are in jail now after being proved of guilty.
The logo of the company 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’.
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and then chairman B. Ramalinga Raju confessed to a Rs.78-billion accounting fraud.The government launched a probe, superseded the board, and put the company up for sale in open auction.