Mahindra Satyam to focus on Europe, APAC -Governance Now

Mahindra Satyam to focus on Europe, APAC

Revenue from Europe and APAC grew at 46.35 per cent

PTI | December 22, 2010

As part of de-risking strategy Mahindra Satyam would focus more on European and Asia Pacific markets, the company's Chairman Vineet Nayyar said here today.

The company's would also focus on the Middle East and the African markets while retaining the foothold it has in US, he said at the annual general meeting.

"As part of de-risking strategy, we are focusing more on Europe and APAC which resulted in increasing the revenue from other than North American regions," Nayyar told shareholders at the first AGM after Mahindra took over reins of the company in April 2009.

The revenues from Europe and APAC grew 46.35 per cent during 2009-10 as compared to 38.58 per cent during 2008-09.

He said the company has a strong European footprint and growth in Europe continues across several domains like banking and financial services, retail and aligns with company's overall de-risking strategy also.

"Although the weakening Euro remains a concern, our endeavour is to secure our position through sharpening focus on markets like Middle East, Africa, Asia Pacific, while retaining strong focus on US. Furthermore, we see substantial opportunities in the Indian market," he said. .

"While India continues to offer the inherent outsourcing advantage of cost arbitrage and availability of talent, we notice that the world is also moving towards other low cost destinations namely Brazil, China, and Philippines.

We are calibrating our presence, ensuring that we read the waves right and continue to focus on these destinations as well," he said.

Replying to a query from a shareholder, Nayyar said they are on the job of finalising accounts under USGAAP and once it is finished they will consider whether to go for re-listing on New York Stock exchange or not.

However, analysts feel that the company may not go for re-listing as it is not necessary for the proposed merger with Tech Mahindra.

"There is no requirement of NYSE nod for the deal, as the MSat is already delisted from NYSE. Post the merger, MSat will disappear. So, the question of MSat re-listing in NYSE does not arise," Jagannadham Thunuguntla, Research Head,SMC Global Securities told PTI.

Satyam Computers had to delist from NYSE and transfer its shares to the Over the Counter market in October as it missed October 15 deadline to file its results with the US regulators.

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