New Delhi, Jun 25 (PTI): Software firm Mahindra Satyam was today formally merged with its parent Tech Mahindra to create the country's fifth largest software services firm.
"Over the past 4 years we worked through the statutory and legal issues, our teams worked closely on the ground to integrate processes, eliminate overlaps, leverage best practices and deliver enhanced value to all our shareholders," Tech Mahindra Executive Vice Chairman Vineet Nayyar said at a press conference here.
The board of Tech Mahindra and Mahindra Satyam had approved the merger on March 21, 2012. After an approval from the Mumbai High Court, the merger had been awaiting clearances from the Andhra Pradesh High Court, which gave the nod on June 11, 2013.