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Satyam pulls out of Oz university development project | Mahindra Satyam has pulled out of a 75 million dollars software development project at Deakin University that was set to create 2000 jobs in Geelong, Victoria. The
company's president of corporate affairs, Sujit Baksi, informed the state government
of its intention in a letter to IT minister John Lenders. According to the Geelong
Advertiser, Baksi wrote: "The need to concentrate on an extensive internal restructuring
program of our business precludes Mahindra Satyam from embarking on expansion
projects of this kind. "While Mahindra Satyam is disappointed that it cannot proceed
with the centre, it reaffirms its commitment to future expansion in Victoria when
circumstances allow." A Satyam Australia spokeswoman confirmed that the project
had been cancelled, The Australian reports. According to the report, Baksi committed
to Mahindra Satyam paying back the undisclosed cash grant to the Brumby Government,
which the company was given to lure it to Geelong. In July the new owner of Satyam,
Tech Mahindra, said it was committed to the project and was investigating its
viability. The future of the Geelong project, occupying 10ha at Deakin University,
came into question after Satyam founder and chairman B. Ramalinga Raju admitted
to a one billion dollars accounting scandal in January. |
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