Bangalore,May 07, 2022: LTI (Larsen Toubro Infotech) and Mindtree have announced a merger of the two companies, 2 years after the L&T acquired a controlling 61% stake in the latter.
The proposed integration will see LTI and Mindtree join strengths to create an efficient and scaled-up IT services provider exceeding $3.5 Billion, making it the 6th largest tech entity in India. Larsen & Toubro Limited will hold 68.73 % of LTI after the merger.
For now, the companies will continue to function independently. A Steering Committee will be constituted to oversee the transition till the merger process is complete. The name of the combined entity will be “LTIMindtree” leveraging the advantages of both the brands and creating value for all the stakeholders.
Speaking about the merger, 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.”