Mindtree would be kept distinct from LTI: Subrahmanyan

Chennai: “Mindtree would be kept distinct from L&T Infotech (LTI), L&T Technology Services (LTTS) and the recently-formed business division L&T-Nxt,” L&T CEO and MD S N Subrahmanyan has said.

After acquiring Mindtree in a hostile takeover, Larsen and Toubro (L&T) sought to assuage investor concerns, saying it can provide further impetus to the IT company’s growth by way of board-level oversight and relevant client connect.

Addressing the shareholders of Mindtree for the first time after the takeover, Subrahmanyan said the IT firm would be operated at arm’s length from the group’s entities. With its experience and track record of managing two successful IT businesses, he said L&T can add value to Mindtree and its stakeholders.

“Mindtree originated with a set of professional founders who had nothing other than their skills and a shared sense of purpose to create something special. This shared mission, passion and spirit of ownership contagiously spread across multiple layers of employees, leading to a unique organisational culture that delivered exceptional results for clients and shareholders,” he said during the annual general meeting in Bengaluru.

Mindtree would be kept distinct from L&T Infotech (LTI), L&T Technology Services (LTTS) and the recently-formed business division L&T-Nxt, he added.

“L&T can provide further impetus to long-term growth of Mindtree by way of board-level oversight and relevant client connects. We will be able to harness these relationships for the benefit of Mindtree’s stakeholders… L&T plans to leverage its 360-degree relationship with clients for accelerated growth of Mindtree,” he noted.

Subrahmanyan, along with Jayant Damodar Patil and Ramamurthi Shankar Raman, have been appointed to Mindtree board. Mindtree co-founders and board members – Krishnakumar Natarajan (chairman), Rostow Ravanan (CEO), and Parthasarathy NS (VC) – who had strongly resisted the takeover, left the company after the acquisition.

Subrahmanyan complimented Mindtree founders and former promoters, who were first-generation entrepreneurs, for building a ‘unique culture’ and creating a billion-dollar revenue business entity.

NT Bureau