Satyam to be rebranded "Mahindra Satyam"

Published: 21 Jun 2009 17:43:59 PST

NEW YORK, June 21 - Outsourcing company Satyam Computer Services Ltd said on Sunday it would rebrand itself as "Mahindra Satyam," its latest step in efforts to recover from India's worst corporate fraud scandal.

Satyam, once ranked as India's No. 4 outsourcer, shocked investors in January with the revelation that it had overstated profits for years.

Tech Mahindra , a unit of tractor and utility vehicle maker Mahindra&Mahindra and 31 percent-owned by Britain's BT Group <BT.L>, won an auction in April for a controlling stake in Satyam.

"We are optimistic that this new brand will re-energize the organization and will be well received by all our stakeholders," Vineet Nayyar, executive vice chairman of Satyam's board, said in a statement.