Hyderabad based IT major; Satyam Computers has been renamed as ‘Mahindra Satyam' signifying the amalgamation and strengths of the two majors.

The logo of the company has also been changed indicating synergies of the parent companies.

The decision was taken in a top-level meeting attended by Anand Mahindra, Vice Chairman & Managing Director of Mahindra Group, Rajeev Dubey, HR head of the group, Vineet Nayyar, CEO, Tech Mahindra, CP Gurnani, international operations head and Rajeev Kalra, head strategic initiatives. The re-branding exercise has been under consideration since the scam-hit IT major was taken over by Tech Mahindra [Apr 16, 2009] in an open auction in April.

Anand Mahindra reasoned, "Customer centricity, high standards of corporate governance, unimpeachable ethics form the cornerstones of the Mahindra Group. This rebranding exercise symbolizes an amalgamation of the Mahindra Group's values with Satyam's fabled expertise, even as it retains that part of Satyam's identity which signifies commitment, purpose and proficiency of the organization and its people."

The Executive Vice Chairman, Satyam Board, Vineet Nayyar, said, "With this synergistic approach, Mahindra Satyam will learn from the best management practices of the Mahindra Group while focusing on nurturing Satyam's innate skills and capabilities."

In January this year, B Ramalinga Raju, the founder and chairman of the Satyam group confessed his indulgence in an accounting fraud amounting to Rs 7,000-crore. Following this management of the company was taken over by a government-appointed board. In April, Tech Mahindra acquired a 31 percent stake in Satyam.