Publications
Partners
Mumbai - Indian outsourcing firm Satyam Computer announced on Monday it was re-branding itself as it tries to recover from the country's worst-ever corporate scandal.
In a statement to the Mumbai stock exchange, the firm said it will now trade under the name "Mahindra Satyam", reflecting the purchase of the company two months ago by mid-sized outsourcer Tech Mahindra.
The company will also adopt a new logo from the Mahindra group.
In April, Tech Mahindra paid nearly $600m for a majority share of Satyam, which has been struggling since its founder confessed in January to falsifying accounts in India's biggest accounting fraud.
"The re-branding symbolises an amalgamation of the Mahindra group's values with Satyam's fabled expertise," said Anand Mahindra, vice chairman of the Mahindra group.
A statement said the firm would maintain Satyam in its name because it signifies "commitment, purpose and proficiency."
Satyam, ranked as India's fourth-largest outsourcer by revenues when the scandal broke, acts as a back office for some of the world's biggest companies including Nestle, General Electric and General Motors.
Earlier this month, the Hyderabad-based firm reported modest but better-than-expected quarterly profits, raising hopes it could recover.
- AFP
