Larsen & Toubro’s A M Naik took over as Non-Executive Chairman at Mindtree.
Group Chairman of Larsen & Toubro A M Naik on Thursday took over as Non-Executive Chairman at Mindtree, just a few weeks after the engineering conglomerate acquired the Bengaluru-based IT company in a hostile takeover.
Subroto Bagchi, one of the key founding members of Mindtree, chose to retire from the company’s board with effect from Wednesday.
On July 5, three other co-founders — Executive Chairman Krishnakumar Natarajan, Executive Vice Chairman and Chief Operating Officer N S Parthasarathy, and Managing Director and Chief Executive Officer Rostow Ravanan submitted their resignations as board members as well as employees of the company.
On June 30, L&T completed its Rs 10,000 crore hostile takeover of Mindtree through an open offer and was categorised as its promoter after acquisition of a 60.06 per cent stake in the company.
However, L&T has said that Mindtree will be kept distinct from L&T Infotech, L&T Technology Services and the recently-formed business division L&T-Nxt. These entities will run at an arm’s length.
L&T Infotech offers services to banking, finance, manufacturing, oil and gas, media and healthcare sectors.
On the other hand, Mindtree’s clients are in retail, hospitality, communication and high-tech.
Mindtree was founded by 10 IT professionals in 1999 and became the fastest IT services company to cross 100 million dollars in annual revenues during sixth year of its operations.
The company’s initial public offering (IPO) was oversubscribed more than 100 times in 2007. It crossed the one billion revenue mark in 2018-19.
Mindtree’s offerings to its customers include application development and maintenance, infrastructure management services, independent testing, package implementation, consulting and IP products related solutions. (ANI)