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Motilal Oswal Report
Larsen and Toubro Ltd. announced the merger of Larsen and Toubro Infotech Ltd. and Mindtree Ltd., its two IT Services subsidiaries, on May 06, 2022.
The combined entity will be known as ‘LTIMindtree' and will be led by Mr. Debashis Chatterjee, Mindtree's current Chief Executive Officer. L&T Infotech's CEO Mr. Sanjay Jalona has resigned, and his last working day will be decided mutually.
With L&T having majority holding in both companies (74%/61% in L&T Infotech/Mindtree), we expect the shareholder approval process to be smooth.
We see the complementary vertical presence at L&T Infotech and Mindtree as one of the key long-term benefits for the combined entity. While L&T Infotech generates 47% revenue from banking, financial services and insurance (18% of Mindtree's revenue), technology (including communications and media) dominates (43%) at Mindtree (12% of L&T Infotech's revenue). This concentration will moderate after the merger, as BFSI/technology will fall down to 35%/25%.
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