Tech Mahindra to complete Satyam's 75-mn dollars Australian project
1 Jul 2009, 1119 Hrs

Add comment          Mail          Print          Write to Editor

Melbourne, July 1 Tech Mahindra, the new owner of troubled Indian IT services firm Satyam, has for the first time confirmed its continued commitment to a 75 million dollars software development project in Geelong, Australia.

There were grave concerns that the project would be axed after Satyam Computer Services founder and chairman, B. Ramalinga Raju, admitted to a one billion dollar accounting fraud in January.

Tech Mahindra executive vice-chairman Vineet Nayyar said construction of the 10ha development on Deakin University grounds would begin as soon as discussions with the Victorian government were complete and the company is determined to complete the project.

However, he warned that certain aspects of the initial agreement, including funding, could change.

"We're committed to the project ... we've got due diligence in place," said Nayyar, who is currently visiting Australia.

"The goal is to complete the project but we need to investigate how much investment is needed," The Australian quoted him, as saying.

The Geelong project was announced more than a year ago with Satyam as its main financial backer in partnership with the Victorian state government, the City of Greater Geelong and Deakin.

The software hub promises to create 2000 jobs, a much-needed boost for the region in the wake of industry retrenchments. (ANI)

Related Latest

Clarke's ultimate dream is Australian captaincy Online dating sites hurting Australian sex industry Miley Cyrus talks about her Australian 'boyfriend' Ex-parliament barmaid claims steamy sex sessions with South Australian Premier in office India, Nepal press ahead with Pancheswor project talks PCB to get 12.5 million dollars compensation windfall Australian drove nine hours to buy a newspaper Proposed Israeli building project raises US concerns India aims to attract 50 billion dollars FDI per year from 2012 Celebs like Paltrow, Hurley raise thousands of dollars for charity

Related Latest

India Govt. willing to give safe passage to ULFA leaders Baruah, Arabinda Rajkhowa China told no guardianship role will be appreciated Indian Government says it has a plan to deal with Maoist violence India to get state of the art surveillance gear as part of counter-terror cooperation with US US-India civil nuclear deal in final stages of completion US to give crucial information on Headley-Rana accomplice's 26/11 role to India Restoration of Mughal road in J-K heads towards completion China wants a Chinese version of Tibetan Buddhism, says Dalai Lama Cultural heritage of Manipur showcased in Sikkim Green Park stadium's scoreboard, the only manually operated scoreboard in India

• India to get state of the art surveillance gear as part of counter-terror cooperation with US
• China told no guardianship role will be appreciated
• Indian Government says it has a plan to deal with Maoist violence
• US-India civil nuclear deal in final stages of completion
• India Govt. willing to give safe passage to ULFA leaders Baruah, Arabinda Rajkhowa

• भारतीय क्रिकेट की मजबूत दीवार
• कंगारूओं के आगे ढेर, चीतों से कैसे मुकाबला करेंगें शेर
• Reducing greenhouse gases may not be enough to slow global warming
• बीकानेर महापौर चुनावः एक विश्लेषण
• Deepawali: The Festival Of Lights