In the context of the recent developments relating to Satyam's proposed acquisition of Maytas, I wanted to share with you some information that will help clarify this matter further.
We were surprised by strong shareholder response to the proposed acquisition of Maytas. More disturbing to me is the fact that our corporate governance and due diligence have been called into question by some sources.
I have spent more than two decades working with you to build a company of which we can all be proud. Our Board comprises of renowned business leaders, not only in Indian business affairs but in global operations. We have always worked tirelessly to ensure that a high level of integrity is the cornerstone of all our practices. While there are many corporate governance obligations to be met as a publicly traded company, we at Satyam always make sure to go above and beyond those regulations. Please be assured that our intent to acquire Maytas was well within the framework and these were not compromised in any way. We strongly believed that this move would yield significant value for our shareholders and contributed to the strength of the company.
The proposed acquisition of Maytas was part of our strategy to increase Satyam's market diversification and secure the company's position as a leader in urban infrastructure, construction and asset development. One of the primary drivers of this deal was the goal of returning Satyam's revenue growth rate to its historical norm. The acquisition would have allowed us to accomplish a number of our company goals for the future.
Through this acquisition, Satyam proposed to move into the civil infrastructure industry - a business segment that I am personally very familiar with, and one which is projected to show strong growth for the foreseeable future. This growth in infrastructure is not limited to India, but also extends to many markets across the developing world, especially in the Middle East and Asia. By augmenting...