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Satyam Computers to replace
its nominee directors on SIFY board
Hyderabad, December, 2002:Satyam Computer Services Limited (Satyam)
(NYSE: SAY) announced that, on receipt of incoming investments into Satyam
Infoway (SIFY) from an arm of Soft Bank Asia Infrastructure Fund (SAIF) and
Venture Tech, its current nominees on SIFY’s Board of Directors, Mr.
Ramalinga Raju and Mr.Srini Raju will be replaced by Mr. V Srinivas, CFO of
Satyam and Mr. K Thiagarajan, Director & Senior Vice President Corporate
Strategy of Satyam . The reconstitution of SIFY Board is consequent to the
dilution of stake of existing shareholders through fresh investment of USD
20 million by an arm of SAIF and Venturetech as already announced earlier.
The above changes relating to Satyam nominees were approved by the Board of
Directors of SIFY and will take effect on receipt of the investments from
the new investors.
Mr. Ramalinga Raju, Chairman, Satyam Computers Limited stated, 'Even as I
step down from the Board of SIFY, I am heartened and gratified at having
played a part, alongwith the SIFY team, in promoting and building SIFY to a
leadership position in the Internet space, with several pioneering
initiatives. With the changes in the market place and renewed strategic
focus, I believe SIFY is in a better position today than ever before to
achieve profitability at an early date. With the funding SIFY will receive,
Satyam’s stake in SIFY will go down to 35% and as we indicated to our
shareholders and to signal our intent to play a more passive role, I am
stepping down. I am sure that our new nominee directors, along with other
distinguished members of SIFY’s board, will play a constructive role in
shaping SIFY’s future'.
About Satyam:
Satyam Computer Services Ltd., (NYSE: SAY) a SEI CMM Level 5 Company, is a
global systems integrator. The company offers Information Technology
expertise in the areas of Software Development Services, Consulting, Systems
Integration, ERP Solutions, Product Development, Electronic Commerce and
Internet-based services. Satyam offers IT solutions through its
state-of-the-art Development Centers located in the USA, Japan, Singapore,
UAE, Australia, the UK, and India. These centers work as extended enterprise
for over 260 global corporations, of which 72 are Fortune 500 companies.
Satyam has a presence in 45 countries, and has people strength of over 8900
professionals.
About Sify:
Satyam Infoway Ltd(SIFY), is the largest network and e-Commerce services
company in India, offering end-to-end solutions with a comprehensive range
of products delivered over a common Internet backbone infrastructure. This
Internet backbone reaches 53 points of presence in India, representing an
estimated 90% of the established PC base in the country. A significant part
of the company's revenue is derived from Corporate Services, which include
corporate connectivity, network and communications solutions, security,
network management services and hosting. As of June 30, 2002, a host of blue
chip customers used Sify's corporate service offering. Sify's Consumer
Internet Access business had, as of June 30, 2002, approximately 600,000
retail subscribers. The company's network services, data center operations
and customer relationship management are accredited ISO 9001:2000.
Reachout's News
Bureau
-December '2002
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