Tech Mahindra, the joint venture between Britain’s British Telecom and Indian automobile firm, Mahindra and Mahindra, has emerged as the top bidder for fraud-hit Satyam Computer Services. The company has confirmed plans to purchase a controlling stake in the ITO provider for £370 million pounds.

Tech Mahindra outbid engineering firm Larsen and Toubro Ltd’s, private equity firm WL Ross and Co. and the US-based Cognizant Technology Solutions to seal the deal.

The deal is expected to receive full approval early this week.