L&T Limited completes its hostile takeover of Mindtree
L&T Limited completes its hostile takeover of Mindtree
Larsen and Toubro (L&T) has acquired a controlling 51% stake in IT services company Mindtree. L&T's hostile bid to acquire a controlling stake in Mindtree is the first in India's software services industry.
In March, L&T bought 20.32% of Mindtree from VG Siddhartha and his Coffee Day Enterprises and said it planned to raise its stake to 66%. The 60% stake in Mindtree gives L&T complete control over the software company’s board and management.
Larsen & Toubro Limited, commonly known as L&T Limited is an Indian multinational conglomerate company headquartered in Mumbai, Maharashtra, India. The company has business interests in heavy engineering, construction, realty, manufacturing of capital goods, information technology, and financial services.