|
Published & Updated as on -
2010-05-13
HYDERABAD:
Mahindra Satyam on Tuesday launched a Special Economic Zone (SEZ) here on the
first anniversary of acquisition of scam-hit Satyam Computers by Tech Mahindra,
and said it would complete restatement of accounts by the end of June as per
schedule.
India's fourth largest software services firm said
it planned to hire 4,000 associates this quarter. At present it has a headcount
of 25,000.
 Satyam had a headcount of 53,000 in January last
year when its founder and chairman B. Ramalinga Raju confessed to a Rs.78
billion accounting fraud.
The SEZ at Infocity Campus in
Hitec City was launched in the presence of Corporate Affairs Minister Salman
Khurshid, Secretary R. Bandyopadhyay and Mahindra and Mahindra vice-chairman
and managing director Anand Mahindra.
Spread over 26 acres,
the first phase of the campus will be ready for occupation within the next six
months and will seat around 5,000 associates.
Analysts said
since the firm cannot move its workforce to SEZ, it would have to recruit
associates for the same. A bulk of 4,000 associates planned to be recruited
this quarter would be for SEZ.
Tech Mahindra was reported to
be facing problems in restatement of accounts as all the records were in the
custody of Central Bureau of Investigation (CBI). But company chief executive
Vineet Nayyar told reporters: "I am sure we will be able meet the
deadline".
Earlier, addressing the associates, Khurshid
said that his ministry would continue to help the firm meet the challenges.
"This transition to success shows what a company can do and what India can
do," he said.
"There is a three-year transformation
plan. This is a journey in which government will continue to participate. It is
only one year. We need another two years to level out some operational
matters," said Mahindra Satyam chief executive C.P.
Gurnani.
He claimed that the company had retained almost all
the clients but declined to give any details about its performance in the last
one year.
Gurnani said much of the re-organization in the
company happened on June 20 last year when 14 layers of management were reduced
to seven.
Anand Mahindra said the company should not remain
at number four position but should aim to be on top.
Source:
ET 13/4/10
|
