The corporate evolution of Mindtree from an independent IT pioneer to its current identity as LTM Limited is one of the most historic narratives in the Indian tech industry. It features India’s first-ever successful hostile takeover in the software sector, a massive consolidation under Larsen & Toubro (L&T), and a recent multi-billion dollar rebranding effort. Phase 1: The Vulnerability and The Hostile Takeover (2019)
Mindtree was founded in 1999 by ten IT professionals, including Subroto Bagchi and Rostow Ravanan, building a highly revered culture focused on digital architecture. However, the founders held a combined stake of only around 13.32%. Larsen & Toubro Infotech’s Hostile Bid for Mindtree Ltd.