Mindtree chief Debashis Chatterjee will head the combined entity of “LTIMindtree”, officials announced Friday as L&T Infotech CEO and MD Sanjay Jalona resigned for personal reasons.
L&T Infotech announced a merger with in an all-share deal to unlock potential scale and fight for mega deal wins with other IT giants.
The proposed integration will see L&T Infotech and Mindtree join strengths to create an efficient and scaled-up IT services provider exceeding $3.5 billion
Mindtree shareholders will get 73 shares of LTI for every 100 shares of Mindtree, an official statement said.
L&T’s push for scale in the high-growth software industry follows a pandemic-led surge in demand for digitalisation, as global businesses invest billions of dollars in cloud-computing, digital payment infrastructure and cyber security.
“This merger will help us emerge as a partner of choice for large-scale tech transformations and create a distinctive employee value proposition,” S N Subrahmanyan, vice-chairman of Mindtree, said in a statement.
Sector giants, including Tata Consultancy Services, Infosys and Wipro, have been securing larger contracts and investing heavily on services like cloud infrastructure and data analytics. India’s tech industry reached over $220 billion in revenue in FY22.