After two days of deliberations on a road map for fraud-hit Satyam Computer Services at the firm's 'Leadership Meet' that concluded in Hyderabad on Sunday, Tech Mahindra, the new owners, have given the IT company a new brand identity -- Mahindra Satyam.
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. The logo will be adopted from the Mahindra Group, an official press note of the company said.
Speaking on the re-branding initiative, Anand Mahindra, Vice Chairman & Managing Director, Mahindra Group, said: 'Customer centricity, high standards of corporate governance, unimpeachable ethics form the cornerstones of the Mahindra Group. This re-branding 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.'
Vineet Nayyar, Executive Vice Chairman, Satyam Board, commenting on the new identity, said: 'This is a significant milestone towards the recovery of the company. We are optimistic that this new brand will re-energize the organization and will be well received by all our stakeholders. With this initiative, we will witness steps by the Management to adopt and inculcate the values of 'performance and customer first', 'good corporate governance and citizenship', which are drawn from the Mahindra Group. With this synergistic approach, Mahindra Satyam will learn from the best management practices of the Mahindra Group while focusing on nurturing Satyam's innate skills and capabilities.'
The US $6.3 billion Mahindra Group, which took over Satyam in early June for Rs 1154 crore, is among the top 10 industrial houses in India. Mahindra & Mahindra Limited owns a majority stake in Tech Mahindra in partnership with British Telecommunications. With total revenues of Rs 4464.7 crore in the year ending March 31, 2009, Tech Mahindra serves telecom service providers, equipment manufacturers, software vendors and systems integrators.
Additional inputs: Business Standard