HYDERABAD/MUMBAI: Less than three years after they acquired scam-hit IT player Satyam Computer Services, the Mahindras on Tuesday said that the boards of Mahindra Satyam (MSat) and Tech Mahindra (TechM) would be meeting on Wednesday in Mumbai to finalize the merger of the Hyderabad-based company with TechM.

The Mahindras said the merger was being done to consolidate the information technology, software and related businesses of the group into a single entity providing services in this sector. The merger is slated to form India’s fifth-largest IT player in the country in terms of market capitalization of around Rs 17,000 crore, or over $3 billion, with a headcount ranging from 70,000 to 75,000 people.

The merger of Satyam, which was established exactly a quarter of a century ago, with TechM also brings to an end the former’s saga though B Ramalinga Raju’s story continues as his trial is still on for having cooked the company’s account books for years. It also marks the fulfillment of Anand Mahindra’s dream to create a major presence in the IT arena because TechM was predominantly telecom-focused earlier.

The MSat-TechM merger may well signal the end of the road for the brand Satyam that took a major beating when the worst corporate fraud in India’s history rocked the company. The Mahindras had acquired Satyam on April 13, 2009, pipping other suitors like Larsen & Toubro.

“There is a strong possibility that the name Satyam will be dropped altogether in the merged entity, given the huge baggage of negativity surrounding the company’s history,” a source close to the development told TOI.

However, when contacted, TechM vice-chairman and managing director and MSat chairman Vineet Nayyar said that a final call on the branding of the merged entity would only be taken after the merger takes place and that an independent agency would be appointed to carry out an objective arm’s length study to decide on the branding.