L&T Infotech-Mindtree merger Expected to Complete by Year-End

The merger process between Mindtree and Larsen & Toubro Infotech, two software entities managed by a Mumbai-based engineering conglomerate, is expected to be completed by December this year,  during which time the two companies will continue to operate independently.

Last month, two Larsen & Toubro subsidiaries announced a major merger to establish an efficient and large IT service provider with total revenue of over $ 3.5 billion.

Mindtree shareholders will receive 73 L&T Infotech shares for every 100 shares they hold, according to previous IPO filings by both companies. After the merger, the parent company, Larsen & Toubro Co. Ltd., will own 68.7% of the merged company. The merger will be called LTIMindtree, the companies said in a statement.

L&T Infotech opened its first center in Kolkata on Friday and will employ 4,000-5,000 people in the eastern region over the next few years. Larsen & Toubro reported last month that a consolidated net income of Rs 3,620.69 crore for the quarter to March 2022 with a growth of 10%.