Indian conglomerate Larsen and Toubro (L&T) has acquired a controlling stake in IT services company Mindtree, CNBC TV18 channel reported, citing sources. The report comes within months of Mindtree rejecting a hostile takeover bid from L&T, saying the plan was of no value for the firm or its shareholders.
L&T’s hostile bid to acquire a controlling stake in Mindtree is the first in India’s software services industry and is rare in India’s corporate sector, where unsolicited suitors are usually deterred by founders with large shareholding.