L&T merged its hostile-takeover trophy Mindtree into LTI, creating LTIMindtree

In June 2019, Larsen & Toubro completed a rare hostile takeover of Bengaluru-based Mindtree, buying about 60% despite public opposition from the founders, who had begged clients and staff to resist. The engineering conglomerate now owned a mid-sized IT services firm it had no plan — yet — to combine with its own listed IT unit, L&T Infotech.

In May 2022, L&T announced the answer: Mindtree would merge into LTI and the combined company would carry a new name, LTIMindtree. Chairman A. M. Naik argued the portfolios barely overlapped — LTI was strongest in banking and oil-and-gas, Mindtree in technology, media, telecom and travel — so the merger added breadth instead of cutting duplicate bodies.

The scheme was cleared by the NCLT benches in Mumbai and Bengaluru, and took effect on November 14, 2022. Mindtree shareholders received 73 LTI shares for every 100 Mindtree shares, Mindtree delisted from the exchanges on November 24, and L&T held 68.73% of the merged entity. Mindtree's CEO Debashis Chatterjee took the combined company's corner office as MD and CEO.

The merger instantly reshaped India's IT league table: LTIMindtree became the country's fifth-largest IT services firm by market capitalisation and sixth by revenue, with more than 90,000 employees and over 750 global clients, and Naik projected revenue crossing $5 billion within a year.

India's fifth-largest IT services firm by market cap and sixth by revenue: 90,000-plus employees, 750-plus global clients, revenue set to cross $5 billion.

The 2019 hostile buy had left L&T with two overlapping listed IT firms and a governance question it could not leave open forever.

Complementary client bases — BFSI versus TMT and travel — meant the merger grew reach without cannibalising revenue.

A single larger brand had a stronger claim on multi-service digital transformation deals than two mid-tier firms.

Retaining Mindtree's CEO for the combined company kept the acquired firm's talent and culture from walking out.

A hostile takeover only buys you the asset; the value arrives when you later decide what it becomes — L&T waited out the integration question, then merged its trophy into its own bankable brand.

LTIMindtree operated as India's fifth-largest IT services company, targeting double-digit growth, with the group projecting combined IT revenues above $6 billion alongside L&T Technology Services. In February 2026 the company announced another rebrand, becoming LTM Limited, and by August 2026 it was opening an 800,000-square-foot campus in Kolkata for 5,800 engineers focused on AI, data and cloud work.