Merger bells ring for Mahindra Satyam, Tech Mahindra

Mahindra Satyam and Tech Mahindra, controlled by the Mahindra & Mahindra group, are close to appointing merchant bankers and accounting firms to value the two businesses for an eventual merger, two senior executives with direct knowledge of the development said.

The merger will enable the M&M group's technology business to become the sixth biggest software ser exporter after TCS, Infosys, Cognizant, Wipro and HCL Technologies. The combined entity is expected to have revenues of $2 billion.