Satyam, the IT outsourcing provider struck by the biggest case of corporate fraud in Indian history, is to rebrand as ‘Mahindra Satyam’ having been partially acquired by rival Tech Mahindra in April 2009.

It was also revealed this week that Tech Mahindra’s president of international operations, CP Gurnani, is to become CEO of the newly rebranded company.

“Mahindra Satyam has four immediate priorities,” said Gurnani in a statement released today. “To strengthen corporate governance, enhance customer delight, regain market share and build the brand.”

The company has been quick to restore a semblance of stability after a corruption scandal that rocked the IT outsourcing industry, and India as a whole.

But that transition from Satyam to Mahindra Satyam has not been without pain: around 10,000 Satyam employees have been placed in a ‘virtual pool’ meaning they are guaranteed only the next six months’ pay.

And last month, four executives from the company’s business process outsourcing division, Satyam BPO, simultaneously resigned.