L&T Infotech, Mindtree Announce Merger to Create Fifth-Largest IT Services Provider

BANKING AND ECONOMY

Larsen & Toubro Ltd. announced a merger between two of its software firms L&T Infotech Ltd and Mindtree Ltd. The merger creates India’s fifth-largest IT firm, with a combined market valuation of Rs 136,000 crore. After the merger, L&T will hold 68.73% of L&T Infotech.

L&T Infotech informed the exchanges that its Managing Director and Chief Executive Officer Sanjay Jalona and Mindtree CEO Debashis Chatterjee will head the combined entity. All shareholders of Mindtree will be issued shares of L&T Infotech at the ratio of 73 shares of L and T Infotech for every 100 shares of Mindtree.

For now, the companies will continue to function independently. A steering committee will be set up to oversee the transition till the merger process is complete. The name of the combined entity will be “LTIMindtree”.

 

   Important Points for the exam:

  • Larsen & Toubro Ltd. announced a merger between two of its software firms L&T Infotech Ltd and Mindtree Ltd.
  • The merger creates India’s fifth-largest IT firm, with a combined market valuation of Rs 136,000 crore.
  • The name of the combined entity will be “LTIMindtree”.
  • L&T Infotech informed that its Managing Director and Chief Executive Officer Sanjay Jalona and Mindtree CEO Debashis Chatterjee will head the combined entity. 

   Facts to Know:

  • Larsen acquired control of Mindtree in 2019. 
  • The conglomerate holds about a 61% stake in the company.
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