Satyam Computer Services Ltd, said on Monday it will buy out the 24 per cent stake held by Northrop Grumman Space and Mission Systems Corp, formerly known as TRW Inc, in a joint venture, for $3.5 million.
The joint venture formed in September 2000, will now be a wholly-owned subsidiary of Satyam, it said in a statement.
Satyam also said it had signed a new five-year service agreement with automotive supplier TRW Automotive, which was divested from TRW Inc following its acquisition by Northrop Grumman Corp, under which it could get $20 million in revenue per year.
It also said it has signed a three-year services agreement with Northrop Grumman Space & Mission Systems which would also apply to the affiliates of Northrop Grumman Corporation.
