Intensifying efforts for merger of Mahindra Satyam and Tech Mahindra, the two firms have issued advance notices for their annual general meetings (AGM) in June for considering the proposal to merge the two entities.
The decision to convene the AGM of the two firms follows the clearance they received from the two stock exchanges and the agreement reached on the swap ratio. “The process is exactly on track. We don't see any major hurdles coming,” Mahindra Satyam Chief Executive Officer C. P. Gurnani told reporters here on Tuesday.
He, however, refused to give any timeframe for the completion of the process claiming it would take eight to nine months for the merger. “The process has started. There is no point in trying to put dates,” he said.
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He was speaking on the sidelines of Tech Mahindra and Mahindra Satyam signing a global framework agreement with CA Technologies, a global IT management and security software solutions company. The agreement envisaged building a business model where shared and managed services could be provided to customers through a joint strategic approach.
The companies set up Mahindra CA Research Centre at Pune that would enable co-innovation and delivery of joint offerings.
In line with the arrangement, the companies would offer application performance management, test automation, infrastructure management, content aware security and cloud, besides developing innovative joint offering for telecommunication, manufacturing, BFSI (banking, financial services and insurance) and healthcare verticals.
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The objective, according to CA Technologies CEO William E. McCracken, is to build framework and platform that can be readily replicated and customised by developers and architects to create solutions for industry verticals.
He said the relation between the three companies was not new and they had been working together since 2010 exploring more opportunities and markets.