IT major, Mindtree on Friday announced that it has completed the acquisition of the NxT Digital Business from Larsen and Toubro (L&T).
In May 2021, the company had announced that it will acquire the NxT Digital Business from Larsen and Toubro (L&T) for Rs 198 crore, a move that will enable the mid-sized IT firm to capture opportunities in the Internet of Things (IoT) and Industry 4.0 space.
“The company has consummated the acquisition of L&T’s digital transformation business undertaking (NxT Digital Business) on July 1, 2021, consequent to completion of customary conditions precedent agreed under the business transfer agreement dated May 20, 2021, between the company and L&T,” Mindtree said in a regulatory filing.
L&T is also the promoter/holding company of Mindtree with a 61.03 per cent stake in the Bengaluru-based company.
Mindtree Ltd is an Indian multinational information technology and outsourcing company, headquartered in Bangalore, India. It is a part of the Larsen & Toubro Group. Founded in 1999.
