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Business News/ Companies / News/  A M Naik appointed as Mindtree's new chairman
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A M Naik appointed as Mindtree's new chairman

Naik will become the fourth executive from L&T to join the board of Mindtree
  • Naik has been the group chairman of L&T for the past 20 years
  • (Photo: PTI)Premium
    (Photo: PTI)

    Mumbai: Bengaluru-based IT services firm Mindtree Ltd., which has recently been acquired by engineering giant Larsen and Toubro Ltd. has appointed A M Naik (the current chairman of L&T) as the company's new non-executive chairman with effect from Thursday, according to an exchange filing by Mindtree.

    Naik replaces Krishnakumar Natarajan, who resigned as the chairman and a board member from Mindtree on 5 July.

    On Tuesday, L&T became the new promoter of Mindtree after buying a 60.59% stake in the latter and inducting three nominees from L&T as directors in Mindtree.

    Mindtree's four founders, Subroto Bagchi, NS Parthasarathy, Natarajan and Rostow Ravanan, who together hold around 13.32% in Mindtree and served as directors on the company's board for two decades, quit the company after L&T succeeded in concluding its open offer on 30 June.

    Mindtree, in its exchange filing, said that the company's nomination and remuneration committee and the board of directors appointed Naik after a board meeting on Wednesday.

    Naik has been the group chairman of L&T for the past 20 years. He has been serving the $18 billion conglomerate for over 54 years.

    "Naik mirrors the defining characteristics of the company, viz., professionalism, customer-centricity, fidelity to core values, and a passionate commitment to serving the interests of country, cause and community," read the exchange filing.

    Naik was instrumental in setting up L&T's Leadership Development Academy near Mumbai, one of the few 'corporate universities' in India.

    Under Naik, L&T's market capitalization, which was around 2000 crore in 1999, has soared to at least 2 lakh crore in 2018.

    "His thrust on profitable growth ensured consistently impressive gains on both parameters...L&T's multi-geographic canvas is the outcome of his drive to internationalize operations and set global benchmarks across businesses. Overseas revenues today account for 30% of turnover," said the filing by Mindtree.

    On Tuesday, L&T completed its Rs.10,000 crore acquisition of Mindtree, which marked the country's first hostile takeover in the IT industry.

    Following an annual general meeting on Tuesday, three nominees from L&T were inducted on the board of Mindtree as directors.

    Naik will become the fourth executive from L&T to join the board of Mindtree.

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    ABOUT THE AUTHOR
    Anirudh Laskar
    Anirudh reports on significant corporate matters including large mergers and acquisitions, India's emerging e-commerce sector and regulatory issues in the corporate and financial services industry. Over the past 17 years, he has covered many beats including banking, NBFCs, aviation, automobile, insurance, markets, SEBI, IRDAI, mutual funds, investment banking, private equity, deals, and conglomerates.
    Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
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    Published: 17 Jul 2019, 09:00 PM IST
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