Indian - British Telecom Company buys Satyam for $1.2 billion

A joint venture of British Telecom Company and Indian company Mahindra & Mahindra, Tech Mahindra has won the bid on Satyam. The winning bid stood at $1.2 billion. Indian engineering firm Larsen & Toubro had also made a bid on the company and it already has 12% stake in the company.

Kiran Karnik chairman of the Satyam board said that the selection of the highest bidder was a transparent process. Tech Mahindra will be offering additional 20% shares to open market. Indian company law board will check the deal and sanction the deal, to confirm the takeover.