CCI approves L&T's proposal to acquire up to 66.15% stake in Mindtree

For a controlling stake of 66 per cent in Mindtree, L&T is likely to spend around Rs 10,700 crore

The Competition Commi­ssion of India (CCI) on Friday approved engineering and construction major Larsen & Toubro’s (L&T’s) proposal to acquire up to 66.15 per cent stake in Mindtree.

With this nod, L&T has overcome the first major regulatory hurdle in its bid for ‘hostile’ takeover of the Bengaluru-headquartered IT services firm. “CCI approves acquisition of up to 66.15 per cent of the total equity shareholding of Mindtree, on a fully diluted basis, by Larsen and Toubro,” the India’s competition watchdog announced on Twitter.

According to legal experts, though the proposed deal has been okayed by the Indian regulator, it would still require