L&T gets CCI approval for its Mindtree takeover bid2 min read . Updated: 06 Apr 2019, 02:33 AM IST
- The CCI approval was crucial as L&T has its own IT business in L&T Infotech, whose market cap is almost twice that of Mindtree
- The L&T-Mindtree deal now needs approval from anti-trust bodies of Germany and the US as Mindtree has clients in those countries
Mumbai: The Competition Commission of India (CCI) on Friday approved Larsen and Toubro Ltd's (L&T's) takeover bid for Mindtree Ltd. The L&T-Mindtree deal, which will see the diversified engineering conglomerate purchase up to 66.32% stake in the Bengaluru-based IT services firm for around ₹10,700 crore, is the first hostile takeover bid in the Indian IT industry. Two persons with direct knowledge of the CCI approval for the L&T-Mindtree deal confirmed the development.
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