Larsen & Toubro Infotech and Mindtree will now operate as LTIMindtree

Larsen & Toubro Infotech and Mindtree, technology consulting and digital solutions companies under the Larsen & Toubro Group, will now operate as a merged entity called LTIMindtree with effect from 14 November 2022.

The merger of the two independently listed companies as LTIMindtree follows the approval of both Mumbai and Bengaluru Benches of the National Company Law Tribunal.

LTIMindtree is expected to be a scaled-up technology consulting and digital solutions company. It has a client portfolio of over 750 global enterprises across industries. Debashis Chatterjee will be the CEO and managing director of LTIMindtree.

Debashis Chatterjee 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.”

Debashis Chatterjee will be the CEO and managing director of LTIMindtree. Photo courtesy of Business Wire.

With nearly 90,000 employees in over 30 countries across five continents, LTIMindtree is said to be the fifth-largest IT services firm in India on the basis of existing market capitalization.

A. M. Naik — L&T Group Chairman and LTIMindtree Chairman 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.”

Under the merger, all shareholders of Mindtree will be entitled to shares of Larsen & Toubro Infotech in the ratio of 73 shares of Larsen & Toubro Infotech for every 100 shares of Mindtree.

The parent company Larsen & Toubro Group will hold 68.73% of the merged entity.

Stronger balance sheet is said to increase the ability of LTIMindtree to make planned investments in platforms, technologies, talent, and client relationships.

In May 2022, Larsen & Toubro Infotech and Mindtree announced their intent to merge. Read more about Larsen & Toubro Infotech, Mindtree merger here.