Mahindra Satyam yesterday launched a Special Economic Zone (SEZ) in Hyderabad on the first anniversary of its acquisition of scam-hit Satyam Computers. The company said it would complete restatement of accounts as scheduled by the end-June.
The fourth largest software services firm in the country said it would hire 4,000 associates this quarter. The company has a workforce of 25,000.
Satyam had a headcount of 53,000 in January 2010 when B Ramalinga Raju founder and chairman admitted to a Rs7,800 crore accounting fraud.
The SEZ located at Infocity Campus in Hitec City was launched in the presence of corporate affairs minister Salman Khurshid, secretary R Bandyopadhyay and Mahindra and Mahindra vice-chairman and managing director Anand Mahindra.
The SEZ is spread over an area of 26 hectares, the first phase of which is slated for occupation within the next six months and will seat around 5,000 associates.
According to analysts since the workforce could not be moved to the SEZ, the company would have to recruit new associates for it. Of the 4,000 associates that would be recruited this quarter the majority would be for the SEZ.