Satyam reports 15 new contracts in January despite the scam

03 February 2009

Scam-hit Satyam Computer Services has secured as many as 15 new contracts in January,  from both domestic and overseas clients, a Satyam spokesperson told reporters.

These outsourcing contracts came from the US, Europe and the rest of the world, including India, the spokesperson said.

"The company has got three new contracts from the US market, including one each in insurance and pharmaceuticals and a contract extension from an existing technology unit," according to the spokesperson.

"In Europe, the company has managed to win two accounts - one in the chemicals manufacturing sector and the other in the service sector," the spokesperson added.

She, however, admitted that US-based State Farm Insurance decided to terminate its contracts with Satyam after its founder quit on 7 January admitting the company's accounts were falsified for years.

The latest development would boost the morale of the 50,000-odd employees at the beleaguered IT firm. It would also help companies interested in Satyam Computer to firm up plans on acquiring the company.