Hyderabad, INDIA, April 21, 2009: Satyam Computer Services Ltd. (NYSE: SAY; BSE: SATYAM; NSE: SATYAMCOMP) (the “Company”) announced today that on April 17, 2009 Euronext Amsterdam N.V. approved the Company’s application for delisting from NYSE Euronext, the regulated market of Euronext Amsterdam (“Euronext Amsterdam”), of its American Depositary Shares (“ADSs”), subject to the following conditions:
1. The mandatory cash tender offer to be made by Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra Limited, described in the Company’s press release dated April 13, 2009, will be open for participation by investors holding their ADSs through Euroclear Nederland (“ECN holders”) on such terms and conditions as are at least equal to those that apply to investors holding ADSs through DTC who participate. The terms and conditions for participation in the cash tender offer for ECN holders will be posted on the Company´s website at www.satyam.com as soon as they are available.
2. In connection with the cash tender offer, an agent in the Netherlands will have been appointed who will facilitate the tender process for ECN holders.
The Company expects to be able to meet these conditions.
In accordance with the rules of Euronext Amsterdam, the Company published earlier today the announcement regarding Euronext Amsterdam’s approval of the delisting in The Netherlands’ Officiële Prijscourant (Official Price Gazette) and Het Financieele Dagblad, a daily newspaper with circulation in The Netherlands. In accordance with the rules of Euronext Amsterdam, the ADSs will be delisted from – and trading in the ADSs will no longer be possible on – Euronext Amsterdam with effect from the 20th business day from the date of this announcement, i.e. May 20, 2009.  The last day of trading for the Company’s ADSs on Euronext Amsterdam will be May 19, 2009.
Upon delisting from Euronext Amsterdam, the Company’s equity shares are expected to remain listed and traded on the Bombay Stock Exchange Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”), and its ADSs are expected to remain listed and traded on the New York Stock Exchange in New York (“NYSE”). The Company does not currently intend to delist from any of the BSE, NSE or NYSE.

Source: Press Release

Hyderabad. . Anand Mahindra, VC & MD, Mahindra Group & Chairman, Tech Mahindra is vising Satyam Computer Services Ltd campus in Hyderabad on Monday.

Mahindra along with his senior management team will meet government appointed board of Satyam and other senior officials of fraud hit IT firm.

Back ground of Satyam-Tech Mahindra deal:

Satyam Computer Services Ltd. (NYSE: SAY; BSE: SATYAM; NSE: SATYAMCOMP) (the “Company”), announced today that its Board of Directors (the “Board”), has selected Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra Limited (“Tech Mahindra”) as the highest bidder to acquire a controlling stake in the Company, subject to the approval of the Hon’ble Company Law Board.

The Company has been administered by a new Board appointed pursuant to the orders of the Hon’ble Company Law Board dated January 9, 2009. The process to select a strategic investor has reached this significant stage within three months of the new Board’s first meeting.

“On behalf of all Satyamites and their families, we congratulate Tech Mahindra on being the highest bidder. The selection of the highest bidder, in a fair, open and transparent process, signals a new stage for the Company in its progress towards stabilization and  growth. We hope this will infuse greater confidence and comfort amongst customers, who continue to be happy with Satyam’s excellent service delivery. This event ought to dispel the anxiety of all stakeholders as it re-positions the Company’s commitment to revival and good governance.” said Kiran Karnik, the Chairman of the Board.

The Board selected Tech Mahindra through a global competitive bidding process launched by the Company on March 9, 2009, which was designed in accordance with the orders of the Hon’ble Company Law Board, approved by the Securities Exchange Board of India (the “SEBI”) and conducted under the supervision of Justice Bharucha. Pursuant to the bidding process, on April 13, 2009, bidders submitted their technical and financial bids. The Board under the supervision of Justice Bharucha first evaluated technical bids based on predetermined criteria submitted by three bidders, previously notified to the bidders. The technical criteria covered information on the bidder, its promoters’ (if any) and persons acting in concert. The technical criteria included:

corporate governance and management track record;
corporate behavior record, including corporate social responsibility policies and information pertaining to past conduct in companies managed by the bidder;
organizational ability and experience in owning, operating and managing information technology companies, global companies of the scale and scope of the Company and distressed companies;
track record in managing distressed companies;
revenues and profitability from Indian and overseas operations; and
strategic plan for the Company.

After evaluating each bidder’s technical bid and determining that each bidder qualified, the Board and Justice Bharucha opened each shortlisted bidder’s financial bid in the presence of each shortlisted bidder and ranked them based on price. Since there was no bid within at least 90% of Tech Mahindra’s bid, which was the highest bid, the Board, finding Tech Mahindra’s bid to be satisfactory and in the interests of the Company, declared Tech Mahindra as the highest bidder. Upon being declared the highest bidder, Tech Mahindra and the Company executed a share subscription agreement with the Company on April 13, 2009 (the “Share Subscription Agreement”). Pursuant to the Share Subscription Agreement, Tech Mahindra has agreed to subscribe to and acquire 30,27,64,327 (Thirty Crores Twenty Seven Lakhs Sixty Four Thousand Three Hundred and Twenty Seven Only) shares of the Company (the “Initial Shares”), representing thirty one percent (31%) of the share capital of the Company after giving effect to the issuance of the Initial Shares (the “Enhanced Share Capital”) at a price of Rs. 58 per share (the “Preferential Allotment”) thereby agreeing to infuse Rs. 1,756 Crores (or approximately US$ 351 million based on the exchange rate of Rs. 50 to US$1) (the “Initial Subscription Amount”) into the Company.

Tech Mahindra is required to deposit the Initial Subscription Amount and the requisite escrow amounts for the Public Offer (as defined below) in accordance with the Takeover Regulations (collectively, the “Total Acquisition Funds”) in separate escrow accounts on or before April 21, 2009. If Tech Mahindra desires to take control of the affairs of the Company simultaneously with the Preferential Allotment, Tech Mahindra will be required to deposit in escrow the total funds necessary to consummate the Public Offer.  The Preferential Allotment is subject to fulfillment of certain conditions and obtaining the required regulatory approvals, including approvals from the Company Law Board (the “CLB”) and the SEBI. In the event Tech Mahindra does not deposit the Total Acquisition Funds on or before April 21, 2009, the next highest bidder will be considered the highest bidder and the details will be announced by the Board.

Board members Mr. Deepak Parekh and Mr. S.B. Mainak abstained from discussion regarding the selection of the highest bidder. This was due to possible conflicts of interests since Deepak Parekh sits on the board of directors of the controlling shareholder of one of the bidders, while S.B. Mainak is the executive director of a significant shareholder of another bidder.

Under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (the “Takeover Regulations”), Tech Mahindra will be required to make a mandatory cash tender offer to acquire an additional minimum of 20% of the Enhanced Share Capital and convertible instruments (the “Public Offer”) at a minimum price of Rs. 58 per share (or approximately US$ 1.16 per share based on the exchange rate of Rs. 50 to US$1). While the Public Offer will be made on a worldwide basis for the Company’s shares, holders of the Company’s American Depositary Shares (the “ADSs”) in the United States are expected to be able to participate in the Public Offer through a facility to be implemented by Citibank, N.A., the depositary for the ADSs.  Pursuant to the Takeover Regulations, Tech Mahindra will be required to make a public announcement of the Public Offer within four working days of receiving approval from the CLB for the Preferential Allotment and open the Public Offer to tendering by shareholders and ADS holders no later than 55 calendar days after the date of such public announcement.

If, upon closing of the Public Offer, Tech Mahindra  will have acquired less than 51% of the Enhanced Share Capital pursuant to the Preferential Allotment and the Public Offer, Tech Mahindra will have the option to subscribe to additional newly issued shares (the “Additional Shares”) of the Company (the “Subsequent Preferential Allotment”), such that the shares acquired through the Preferential Allotment, the Public Offer and the Subsequent Preferential Allotment, if any, will be not more than 51% of the Enhanced Share Capital after giving effect to the issuance of the Additional Shares.

As previously disclosed, the CLB exempted the Company from shareholder approval requirements in connection with the Preferential Allotment that would otherwise be required under the Companies Act, 1956.

Goldman Sachs and Avendus Capital acted as financial advisors to Satyam. Amarchand & Mangaldas & Suresh A. Shroff & Co acted as Indian legal counsel to Satyam. Latham & Watkins LLP acted as U.S. legal counsel to Satyam.

This announcement is neither an offer to purchase nor a solicitation of an offer to sell the Company’s shares. The Public Offer can only be made through a letter of offer and related tender offer materials. Security holders are urged to read the offeror’s tender offer statement on Schedule TO to be filed with the Securities and Exchange Commission (the “SEC”) in connection with the Public Offer, including any exhibits, amendments or supplements to the statement, when they become available, because they will contain important information. Each of these documents will be filed with the SEC, and security holders may obtain them for free from the SEC’s website (www.sec.gov). A description of which documents will be obtainable for free from the offeror, and instructions as to how to obtain such documents, will be announced by the Company or the offeror prior to the commencement of the Public Offer.

~In a record time of six and a half years, as against world average of 9-10 years for similar deepwater facilities ~
~ Will transform India’s energy landscape and is expected to double the current level of indigenous gas production ~
~ One of the World’s largest Deepwater Production Facilities ~
~ RIL joins elite league of Global Deepwater Oil and Gas operators ~

Gadimoga, Andhra Pradesh, India, April 2, 2009:  Reliance Industries Limited (RIL) commenced production of gas from the Dhirubhai 1 and 3 discoveries of the KG-D6 block in the Krishna Godavari Basin, located off the East Coast of India, in the Bay of Bengal. The gas from offshore is being received at its world class onshore facility at Gadimoga, a small village in the East Godavari district of Andhra Pradesh and delivered to the East West Pipeline of Reliance Gas Transportation Infrastructure Ltd. (RGTIL).  With this, RIL has commissioned one of the world’s largest deepwater production facility in the same block in which RIL already discovered oil reserves (Dhirubhai – 26) and commissioned trial production earlier.

At peak production of oil & gas, the KG-D6 facility is expected to produce over 550,000 barrels of oil equivalent per day. Production from the Dhirubhai 1 and 3 discoveries of the KG-D6 block will result in a quantum leap towards achieving India’s energy security. KG-D6 gas would also substantially reduce wealth transfer from India to other nations due to energy imports and bring down subsidy levels in the fertilizer, transportation and other sectors. Apart from the economic benefits to the nation, the impact of this gas will be significant in helping India in its climate change efforts and achieving a greener footprint.

RIL has started gas production in six and a half years from discovery, in comparison to the world average of 9-10 years for similar deepwater production facilities. This achievement is especially commendable as the Bay of Bengal is known for its extremely hostile weather conditions, inundated with storms, cyclones, waves up to twenty meters in height and subsea currents of over 4 knots, except a fair weather window of four months every year. RIL also had to overcome supply chain challenges and manpower shortages to adhere to tight schedules. Start of production of gas from the KG-D6 block was a complex task, requiring engineering ingenuity to develop critical infrastructure and use of latest cutting edge technology, never experienced in the region before.  With this project, RIL has joined a select club of global deepwater operators.

The facilities comprises of wells, sub sea architecture, which are connected by flow lines and production risers to a Control and Riser Platform (CRP) and are tied back to the Onshore Terminal (OT), approximately 60 kms from the gas fields – amongst the longest tie backs in the world. At the seabed, equipment equivalent to over 110,000 MT tones of steel weight and over 2400 line kilometers of flowlines and umbilicals have been installed to construct a deepwater production system. Subsea installations were carried out by remotely operated vehicles (ROVs) at the sea bed depths ranging from 600 metres to 1200 metres, well beyond diver depths.  At the peak of offshore construction, the largest marine construction spread in the world comprising of 89 vessels was deployed in an area of 400 square km.

Commenting on the start of the gas production, Mr. Mukesh Ambani, Chairman & Managing Director, Reliance Industries Limited said; “This is a momentous occasion for India. Reliance takes great pride in this success.  Reliance has created history and has once again demonstrated its ability to implement complex projects at par with the best performance benchmarks in the world. The clean energy from the Dhirubhai 1 and 3 discoveries of the KG-D6 block will be a boost for energy security and growth of India. We wish to acknowledge and thank all our stakeholders including the Government of India, the Directorate General of Hydrocarbons and our project partners for their continued support.”

The initial production of gas from the Dhirubhai 1 and 3 discoveries of the KG-D6 block will be sold to existing gas starved Fertilizer and Power companies resulting in substantial reduction in subsidy burden of the Government.

The KG-D6 block (KG-DWN-98/3) in Krishna Godavari basin was awarded to RIL and Niko consortium under NELP-I.  RIL holds 90% Participating Interest (PI) and Niko Resources Limited holds 10% PI in the block.

RIL’s partners in the  project execution were Aker Kvaerner Group, Allseas, Afcons, Bechtel, Cameron, GE, Halliburton, Hellix, L&T, McDermott, Schlumberger, Siemens, and Transocean amongst others.

RIL is the largest exploration acreage holder in the private sector in India. Its E&P assets consist of 54 blocks spanning eight countries.