Mumbai, November 15, 2022: Three years after Larsen & Toubro Infotech acquired Mindtree in a hostile takeover, the two companies have merged their identities into a new entitry – LTIMindtree.
Both Mumbai and Bangalore benches of the National Company Law Tribunal (NCLT) have approved, the scheme of amalgamation and arrangement between the two companies and their respective shareholders and creditors.
The two companies had announced their intent to merge in May 2022. This approval clears the way for the merger of the two independently listed companies as LTIMindtree, a scaled-up IT services provider with a client portfolio of more than 750 leading global enterprises from all key industry verticals, and nearly 90,000 professionals spread in more than 30 countries across five continents.
LTIMindtree will thus become the fifth largest IT services company in India in terms of current market capitalization. The effective date for the company to start operating as one entity is November 14, 2022.
A. M. Naik, Group Chairman of L&T and Chairman of LTIMindtree, said, “LTIMindtree is integral to L&T’s technology-led growth vision and is poised to play a crucial role in the expansion and diversification of our services portfolio. The highly complementary strengths of LTI and Mindtree make this integration a win-win proposition for all our stakeholders — clients, partners, investors, shareholders, employees, and communities — furthering L&T’s tradition of innovation, excellence, trust, and empathy.”
Debashis Chatterjee, Chief Executive Officer and Managing Director of LTIMindtree, said, “Amid the proliferation of new business models and revenue streams in a rapidly converging world, LTIMindtree will help businesses proactively take on and shape the future by harnessing the full power of digital technologies. Armed with top talent, comprehensive offerings, and a cumulative experience of more than five decades, LTIMindtree brings the diversity of scale and capabilities required to help businesses reimagine possibilities, deliver impact, and get to the future, faster.”