New Delhi: Mahindra Satyam has approached
the Commerce Ministry for more time to develop the three
IT Special Economic Zones in Andhra Pradesh as it has decided
to go slow on its expansion plans due to the slowdown.
Besides Mahindra Satyam, Wockhardt Infrastructure
Development and the Kandla Port are among the 11 applicants
that have sought extension.
The Board of Approval (BoA), headed by Commerce Secretary
Rahul Khullar would take up these requests on February 11, an
official said.
"In its application, Mahindra Satyam has said due to the
global economic recession and IT slowdown in particular, it
has decided to go slow on the infrastructure and expansion
plans..." the official said.
Mahindra Satyam (earlier Satyam Computer Services), which
survived one of the worst accounting frauds in the country
last year, is in the process of "analysing the global economic
situation to amend its expansion plans appropriately".
It had already been given extension for implementing the
projects at Hyderabad and Visakhapatnam, which was to lapse in
June.
Tech Mahindra, in which Mahindra & Mahindra holds 45 per
cent stake, acquired scam-tainted Satyam Computers in 2009.
The scam came to the fore after Satyam founder B Ramalingaraju
admitted to accounting fraud involving multi-crores.
PTI
First Published: Thursday, January 21, 2010, 20:10