Satyam to sell animation biz

Jan 29, 2010

Hyderabad, Jan. 28: Mahindra Satyam is all set to sell Chennai-based animation division of its BPO arm. The sale would happen after the Company Law Board (CLB) clears the company’s decision to hive off the unit.

In the process, the company on Thursday moved an application seeking before the CLB. A Mahindra Satyam counsel informed the CLB that the company’s board had already approved the hive-off proposal on December 29, 2009.
Tech Mahindra, which acquired Satyam in 2009 after the CLB’s approval, has a lock-in period of two years for transferring the assets.
The Mahindra Satyam counsel further stated that the animation division that comes under Satyam BPO and has only 0.2 per cent contribution to the company’s net worth.
Apart from special effects for movies, the division had developed cartoon series on TV screens, both for entertainment and education.
According to sources, the CLB might give its permission in the first week of February. “Once the proposal to hive-off the animation division is cleared by the CLB, the company would look out for buyers,” the source added.
A government official told the CLB that there would not be any asset transfer from Mahindra Satyam or job losses in the company due to the hive-off.

Age Correspondent
With Agency Inputs

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