Indian conglomerate Larsen & Toubro (L&T) will spend up to 70 billion rupees ($1...
BENGALURU - Indian conglomerate Larsen & Toubro will spend up to 70 billion rupees in a hostile bid to buy IT services company Mindtree Ltd, the Times of India reported, citing sources directly involved in the matter.
L&T will buy out Mindtree's largest shareholder V.G. Siddhartha and companies which he founded, following which an open offer will be sent to the public shareholders of Mindtree, according to the reportSubroto Bagchi, who co-founded Mindtree in 1999, said on Twitterthat he has quit as the head of eastern Odisha state's Skill Development Authority to"save the company".
Ashok Soota, another co-founder of the Bengaluru-based tech company, said in an interview to CNBC-TV18 that L&T does seem poised to buy VG Siddhartha’s stake.
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