Mindtree completes acquisition of the NxT Digital Business from L&T

Mindtree on Friday said it has completed acquisition of the NxT Digital Business from Larsen and Toubro (L&T).

In May this year, Mindtree had announced 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.