Consultant hired to suggest name to merged firm: Tech Mahindra
Kolkata: The Mahindra Group on Friday said that it has hired a consultant to suggest a name for the entity that will be formed post Tech Mahindra-Mahindra Satyam merger.
"We have hired a consultant to suggest a name for merged entity," Tech Mahindra President L Ravichandran said here on Friday.
He did not reveal either the name of the consultant or the deadline for renaming the merged IT company.
Ravichandran, however, said the company would definitely consider retaining 25 years of strength in telecom sector of Tech Mahindra.
The merger process is expected to take six to nine months to take effect after receiving all regulatory approvals, he said.
The diversified Mahindra Group on Wednesday announced the long-awaited merger of Mahindra Satyam with its another technology arm Tech Mahindra in an all-share deal that would create the country's fifth largest software firm with an estimated annual revenue of about USD 2.4 billion, with an estimated market value of over USD 3.5 billion.
Ravichandran said for Tech Mahindra, telecom comprises 99 per cent of its business and for the merged entity it would be 46-47 per cent.
He said there will be a need-based hiring at present, but there is no lay off threat to existing employees.
Meanwhile, Tech Mahindra-Mahindra Satyam tied up with Indian Statistical Institute (ISI) to develop joint solutions in data mining and data analytics.
ISI director Bimal K Roy said though there is no revenue for the institute from the tie-up, but the students will be able to work on live data and problems that would help in better exposure.
"There is no revenue or money for solutions that would be used by the Tech Mahindra or Mahindra Satyam. But, if there is a solution developed at ISI and will be sold to a third party then it will be done through a JV agreement," he said.