Tuesday, April 14, 2009

British Telecom Backed Tech Mahindra Satyam Deal

. Tuesday, April 14, 2009

By stockOzone team

British Telecom Group Plc (BT.L), the British telecommunications carrier that holds 31 percent of India's Tech Mahindra Ltd (TECHM.NS), said it backed its affiliate's plan to acquire a stake in scandal-hit Satyam Computer Services (SATYAM.BO).

"As a shareholder in Tech Mahindra we support the deal," a BT spokesman said.

BT is also a major customer of Tech Mahindra, which provides software services.

Tech Mahindra said on Monday it would pay more than $550 million for a controlling stake in Satyam Computer Services Ltd, throwing a lifeline to the fraud-hit company and propelling itself into the top tier of Indian outsourcing companies.

Disclosure: Author does not own any of the stocks discussed here.

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