Business Wire

LTI and Mindtree to Start Operating as a Merged Entity From November 14, 2022

Share

Larsen & Toubro Infotech (BSE: 540005, NSE: LTI) and Mindtree (BSE: 532819, NSE: MINDTREE), leading technology consulting and digital solutions companies under the Larsen & Toubro (L&T) Group, announced that both Mumbai and Bengaluru Benches of Hon’ble National Company Law Tribunal (NCLT) have approved, via two separate orders, the scheme of amalgamation and arrangement between the two companies and their respective shareholders and creditors under section 230-232 and other applicable provisions of the Companies Act, 2013.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221114005625/en/

To view this piece of content from mms.businesswire.com, please give your consent at the top of this page.

Debashis Chatterjee, Chief Executive Officer and Managing Director of LTIMindtree (Photo: Business Wire)

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.

As part of the merger, all shareholders of Mindtree will be issued shares of LTI in the ratio of 73 shares of LTI for every 100 shares of Mindtree. The parent company, L&T, will hold 68.73% of the merged entity. The Record Date to determine the eligible shareholders of Mindtree for issue of equity shares of LTI pursuant to the scheme is fixed as November 24, 2022.

Mr. 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.”

Mr. S. N. Subrahmanyan, Chief Executive Officer and Managing Director of L&T, and Vice-Chairman of LTIMindtree, said, “We are grateful to the authorities for the swift passage of the proposed transaction through statutory processes and for its approval in a record time. This integration is much more than just the coming together of two highly successful companies. It is about turning the collective wisdom of the two companies into a much larger force for creating long-term value for all our stakeholders.”

Mr. 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.”

Both LTI and Mindtree have delivered market-leading financial performance and created value for shareholders. By combining their strengths and unlocking the benefits of scale, LTIMindtree will operate with a stronger, highly diversified portfolio of end-to-end services and skills across a wider market footprint. It will bring a converged point of view based on its expanded cross-industry expertise to help clients tap into opportunities presented by the blurring of industry lines. This will significantly enhance LTIMindtree’s ability to deliver across larger, more significant transformation engagements, and collaborate with hyperscalers, enterprise solutions, SaaS platforms, and product companies for faster innovation and time-to-market. A stronger balance sheet will also augment LTIMindtree’s ability to make strategic investments in platforms, talent, technologies, and client relationships. All this will help LTIMindtree create a more distinctive value proposition for its clients, teams, and communities at large.

About LTIMindtree

LTIMindtree is a global technology consulting and digital solutions company that enables enterprises across industries to reimagine business models, accelerate innovation, and maximize growth by harnessing digital technologies. As a digital transformation partner to more than 750 clients, LTIMindtree brings extensive domain and technology expertise to help drive superior competitive differentiation, customer experiences, and business outcomes in a converging world. Powered by nearly 90,000 talented and entrepreneurial professionals across more than 30 countries, LTIMindtree — a Larsen & Toubro Group company — combines the industry-acclaimed strengths of erstwhile Larsen and Toubro Infotech and Mindtree in solving the most complex business challenges and delivering transformation at scale. For more information, please visit www.ltimindtree.com.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Media Contact:

Harsh Kabra
+91 8551882111
media@ltimindtree.com

Shambhavi Revandkar
+91 9769509545
media@ltimindtree.com

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Nordic Companies Warm to Automation as Platforms Evolve8.12.2022 10:00:00 CET | Press release

Enterprise use of AI-powered automation platforms has soared over the past year in the Nordics, although challenges to enterprise and public sector adoption remain, according to a new research report published today by Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm. The 2022 ISG Provider Lens™ Intelligent Automation — Platforms and Products report for the Nordics finds that the recent surge in adoption has been triggered by several converging factors. The high cost of labor in the Nordics has generated demand for automation to replace some tasks, while enterprises are also embracing the new technologies to ensure employee well-being and productivity as they ask team members to return to the office. These trends are accelerating against the backdrop of a general move toward enterprise digital transformation across the Nordics and other developed regions. “Intelligent automation is meeting emerging needs at companies in the Nordics,

REPLY: Arlanis Reply Named Salesforce Implementation Partner of the Year and Community Impact Partner of the Year8.12.2022 09:30:00 CET | Press release

Arlanis Reply, the Reply Group company specialized in Salesforce solutions and services, has been recognized with two awards from Salesforce for its outstanding performance as a partner in the categories "Salesforce Implementation Partner of the Year" and "Community Impact Partner of the Year" in Germany, Austria and Switzerland. With these Partner Awards, Salesforce annually honours partner companies that have demonstrated exceptional commitment to consistently delivering high-quality implementations and business outcomes for their clients. The award for the "Salesforce Implementation Partner" was given in recognition of the variety, complexity and number of customer projects with the highest customer satisfaction. As a long-standing Salesforce Consulting Partner, Arlanis Reply convinced the jury with profound expertise and comprehensive knowledge of the entire Salesforce portfolio – as well as high quality in numerous, cross-industry customer projects. The second "Community Impact Pa

ADVA’s new OSA 3350 SePRC ™ optical cesium clock breaks records with industry’s longest holdover8.12.2022 09:00:00 CET | Press release

ADVA (FSE: ADV) today launched its latest optical cesium atomic clock solution, providing unprecedented protection for critical network infrastructure systems that rely on synchronization from GNSS. The new OSA 3350 Super ePRC (SePRC™) delivers extensive timing holdover with high-performance stability and lifetime that significantly outperforms any other solution on the market. It offers a vital lifeline to time-as-a-service (TaaS) and GNSS-backup-as-a-service (GBaaS) providers, defense organizations, communication network operators, power utilities and transportation network operators looking to mitigate the risk of jamming and spoofing attacks. As a GBaaS solution, the OSA 3350 SePRC™ provides a backup to satellite-based synchronization, helping prevent severe harm to businesses and society that long GNSS outages can cause. The new device will enable the most robust PNT solution on the market. “Across all nations, our well-being and safety are more dependent than ever on critical net

Record-Breaking Demand for Alternative Residence and Citizenship8.12.2022 08:39:00 CET | Press release

The number of high-net-worth individuals enquiring about investment migration options has more than doubled since the coronavirus was first reported three years ago, with record numbers of wealthy international investors now looking to diversify their residence and citizenship options amid unprecedented global volatility. Henley & Partners has also seen a huge surge in interest and applications from citizens of highly developed countries such as Canada, the UK, and the US compared to pre-pandemic times, with Americans now the top client nationality seeking alternative residence and/or additional citizenship. Henley & Partners CEO Dr. Juerg Steffen says with many economies now in a post-pandemic phase plagued by security, political, and economic risks, wealthy families are revisiting their priorities to ensure that their legacies, wealth, and lifestyles are protected and future-proofed. “For high-net-worth investors, the optionality of living in or conducting business in a country of th

Primary endpoint met in the CLEAR Outcomes Trial of bempedoic acid showing statistically significant relative risk reduction in major adverse CV events8.12.2022 08:00:00 CET | Press release

Daiichi Sankyo Europe, (hereafter, Daiichi Sankyo) announced today that the primary endpoint was met in the Phase 3 cardiovascular CLEAR (Cholesterol Lowering via Bempedoic acid, an ATP citrate lyase (ACL)-Inhibiting Regimen) Outcomes Trial, demonstrating statistically significant relative risk reduction in major adverse CV events (MACE-4) in patients treated with 180 mg/day bempedoic acid compared to placebo (with no or very low statin background).1,3 Comprehensive data from the CLEAR Outcomes Trial, led by US-based biotech company Esperion Therapeutics Inc., will be presented at a key medical congress in early 2023 and subsequently submitted to applicable regulatory authorities. The initial findings from the data indicate that bempedoic acid is the first oral, ACL inhibitor known to reduce both LDL-C levels and risk of major adverse CV events.1 The findings are congruent with previous significant evidence and the latest clinical guidelines highlighting that the lower a person’s LDL-C