L&T Infotech and Mindtree merges to become fifth largest IT service provider
Larsen & Toubro Infotech Ltd (LTI) and Mindtree Ltd announced their merger to become one entity “LTI Mindtree”. On completion of the merger, LTI Mindtree will be India’s fifth largest IT services company with a combined market valuation of Rs 136,000 crore.
The Boards of Directors of LTI and Mindtree approved a “composite scheme of amalgamation of both these independently listed IT services companies under the Larsen & Toubro Group”. The combined entity “LTIMindtree” to be run by Mindtree Chief Debashis Chatterjee.
L&T said, “The proposed integration will see Mindtree and LTI join strengths to create an efficient and scaled up IT services provider exceeding $3.5 billion. The new shares of LTI issued will be traded on the NSE and the BSE.”
A Steering Committee will be constituted to oversee the transition till the merger process is complete. Once the integration is done, the team will decide the focus areas. L&T Ltd will hold 68.73 % of LTI after the merger. For now, the companies will continue to function independently.
A.M. Naik, Chairman, LTI, said, “This merger represents our continued commitment to grow the IT services business in line with our strategic vision. The highly complementary businesses of LTI and Mindtree will make this integration a ‘win-win’ proposition for our customers, investors, shareholders, and employees.”
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