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Indian IT Firm Wins Bid for Controlling Stake in Satyam

9:19 AM MDT | April 13, 2009 | Esther D'Amico

Venturbay Consultants Private Ltd., a unit of Tech Mahindra (Pune, India), has won the bid to acquire a controlling stake in Satyam Computer Services (Hyderabad, India). Satyam says its board chose Venturbay, the highest bidder in a process that began March 9, about three months after Satyam founder and former CEO Rama Raju’s disclosure of accounting fraud that overstated results by nearly $1 billion. Tech Mahindra is an IT systems integrator, consultant, and software exporter serving the telecommunications industry. The acquisition gives Tech Mahindra an...

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