The Economic Times has reported that Merrill Lynch will move many of its IT contracts away from Satyam to Tata Consultancy Services. The contracts are reported to be worth up to US$40 million.

The Indian newspaper also commented that in early February Merrill Lynch sent a team to assess the situation at Satyam’s headquarters.

The bulk of the contracts will move to TCS. However, Satyam will continue to service parts of the contract for the foreseeable future.

The full story can be read on the Economic Times’ website