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Satyam pullout to cost Australia 175 million dollars loss |
Australia's Victoria province faces a 175 million
dollars loss following the cancellation of a Mahindra Satyam-led IT project that
was set to create 2000 jobs in Geelong. Victorian Premier John Brumby, who promised
Geelong residents a gold chest at the end of the rainbow, launched the scheme
in April 2008. "This will be 2000 jobs, 75 million dollars worth of capital works
and, on our estimates, Treasury modelling, around 175 million dollars worth of
additional activity in the Victorian economy each year," Brumby had said then.
The new jobs would have been created over a span of eight years -- the duration
of the project by Indian IT Company, but Satyam found the project financially
unviable and decided to pull out, a decision it says all stakeholders, including
the government, agreed to, The Australian reports. The government couldn't explain
how it would fill the economic gap left by the project's demise. A spokesman for
Victorian IT Minister John Lenders deflected the question by saying: "Victorians
are concerned about the global economy, that's why we are taking action to invest
a record 11.5 billion dollars on infrastructure to secure 35,000 Victorian jobs
this year."' The state Opposition said the project's failure was another example
of mismanagement in Victoria under Labor. The Opposition believes Premier Brumby
gave Victorians false hope by promising job creation in a region already crippled
by the collapse or exit of manufacturing and automotive companies. Satyam's Australia
chief Venki Prathivadi said his company was disappointed with the outcome and
the decision was made after extensive talks with the Victorian government and
others over the past few weeks. |
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