This is a historic and game-changing day for Tech Mahindra. This is a landmark development for Tech Mahindra and I am delighted that we are the highest bidder for Satyam," Anand Mahindra, chairman of Tech Mahindra, said in a statement.
"The Mahindra Group is known for its good governance and the Tech Mahindra team has demonstrated its outstanding customer centric focus over the last many years. I am sure that Satyam's customers and employees will welcome this news. Looking forward, we are confident that this will lead to a positive transformation in Satyam's business," he said.
"We have taken on a challenge but we are going to make it work. Our first task will be to build it once again into the great institution that it was. I am confident Satyam comes with many positives," Mahindra said, adding that he would meet Satyam clients such as Citigroup Inc., General Motors and Cisco Systems Inc. to help restore confidence.
Mahindra also dismissed speculations that Tech Mahindra had submitted an unreasonably high bid price of Rs.58 per share, much higher than Larsen & Toubro's bid of Rs.45.90 per share and venture capital investor Wilbur Ross' bid of Rs.20 per share. "When you are running in a race, you don't look behind who's chasing you. We believe our bid is rightly priced," he said.
No comments:
Post a Comment