India Inc. hails Satyam-Tech Mahindra deal, heaves sigh of relief

According to India Inc. the entire bidding process, which was carried out flawlessly, demonstrated the country's strength in dealing with complex corporate issues and Satyam's sale will help restore confidence in the local industry at a time the economic downturn has already slowed growth..

"This is probably one of the fastest cases where there has been a change in ownership through a structured process," said Harsh Pati Singhania, president, Federation of Indian Chambers of Commerce and Industry (FICCI).

"The smooth completion of the bidding process for Satyam demonstrates that India has an adequate legal and institutional mechanism for handling and resolving a major corporate crisis," Singhania said.

"The deft handling of the Satyam issue would send a very positive signal to the global community. The widespread interest in Satyam demonstrates that the company as such was sound and could be turned around profitably. The bidding also showed that Indian IT industry was inherently strong and a reliable supplier of quality products and services. Whatever credibility loss there may have been for corporate India following the Satyam fiasco, it would be rebuild," he added.