Cisco revisits health JV with Satyam
Networking major Cisco is “re-evaluating” its joint venture with Satyam.
By ET Bureau |
MUMBAI: Networking major Cisco is ���re-evaluating��� its joint venture with Satyam. Satyam and Cisco had announced a JV to focus on healthcare management solutions in October 2007. Cisco has made over $1.2 billion investments in India. The company has also grown its employee base to 5,000 over the past two years. This also includes Cisco���s plans to invest over $100 million to incubate new technologies in healthcare solutions in the country.
���We are re-evaluating our options. The JV with Satyam is under review,��� said Cisco Services chief globalisation officer and EVP Wim Elfrink on Tuesday. He did not comment on whether they were exploring alternative relationships with other Indian IT vendors on this or if they were re-evaluating it with Satyam itself.
Later, Cisco issued an official statement saying: ���We have full confidence in the government and regulatory authorities who are handling this matter. We do not expect the situation to have any material impact for Cisco. As any prudent company, we are evaluating appropriate risk-mitigation strategies. Cisco���s primary aim is to see the continued delivery of services from the Satyam team to enable us to meet our business requirements.���
���We are re-evaluating our options. The JV with Satyam is under review,��� said Cisco Services chief globalisation officer and EVP Wim Elfrink on Tuesday. He did not comment on whether they were exploring alternative relationships with other Indian IT vendors on this or if they were re-evaluating it with Satyam itself.
Later, Cisco issued an official statement saying: ���We have full confidence in the government and regulatory authorities who are handling this matter. We do not expect the situation to have any material impact for Cisco. As any prudent company, we are evaluating appropriate risk-mitigation strategies. Cisco���s primary aim is to see the continued delivery of services from the Satyam team to enable us to meet our business requirements.���
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