Tech Mahindra – an Indian outsourcing group partly owned by BT of the UK – on Monday won the auction for a controlling stake in Satyam Computer Services, which is at the centre of India’s biggest corporate scandal.

Tech Mahindra, in which the British telecommunications company has a 31 per cent stake, will itself acquire a 31 per cent stake in Satyam for Rs17.6bn ($353m). The offer values India’s fourth largest outsourcing group at $1.1bn, a 23 per cent premium to its last closing stock price and far exceeded rival offers.