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Mahindra Satyam parked cash reserves with Tech Mahindra in form of ICDs
SME News, Friday, Sep 07, 2012 17:21:17 PM IST
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HYDERABAD: IT palyer Mahindra Satyam has announced that it has parked its cash reserves with Tech Mahindra in the form of Inter Corporate Deposits (ICDs) in order to maximise returns.
The statement comes in the wake of reports that Tech Mahindra has used Mahindra Satyam's fund for $87.1 million (about Rs 484 crore) acquisition of Hutchison Global Services.
The ICDs were given to maximise returns and it all depends on Tech Mahindra as to how they use those funds, as expressed by Mahindra Satyam CFO Vasant Krishnan.
On the sidelines of company's Annual General Meeting held here, Krishnan said, “We will always look at opportunities to maximise returns. ICDs have been given to Tech Mahindra. As corporate deposits they will be completely on arms length basis. And we get more returns on such ICDs."
Replying a question on whether Mahindra Satyam's funds were used for the acquisition, he said, “We have got multiple options for investments. You should ask Tech Mahindra how they have used the funds.”
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