Mumbai, Apr 1: In the first instance of the term 'rebadging', hundreds of Satyam Computer Services employees will be joining Bank of America (BoA) between Apr 2 and 8.
About 300 Satyam employees working on the project for Merrill Lynch will shift from Satyam Computers office in Bahadurpally of Andhra Pradesh to BoA. The media reports state that salary increase of around ten percent with additional bonuses for these employees will be provided. However spokeswoman for Satyam called it speculative while sources in Bank of America-Merill Lynch, India said she could not comment now.
The market value of the company has decreased to a low of 505.6 million dollars and therefore is looking to find a new buyer. There are reports of bids from organisations such as Larsen & Toubro, Tech Mahindra and WL Ross &Co.
Satyam Fraud was one of the biggest coporate frauds of the recent times that happened in January 2009 shaking the economy of the country and the lives of its employees.