Mindtree to acquire digital business of L&T for ₹198 cr
In a bid to enhance Mindtree's cloud-based internet of things and artificial intelligence capabilities for Industry 4.0, Mindtree has signed an agreement to acquire the NxT Digital Business, for ₹ 198 crore said in a regulatory filing to the stock exchanges.
There is a huge opportunity ahead as global manufacturers and industrial companies are increasingly adopting Industry 4.0 focused smart solutions, systems, and processes, but are struggling to leverage data and analytics to drive efficiency and competitive advantage, said SN Subrahmanyan, chief executive officer & managing director, Larsen & Toubro.
The NxT Digital Business was founded as a startup within L&T, with broad digital capabilities. It leverages the Group's deep industry domain expertise with emerging technologies such as industrial IoT, artificial intelligence, machine learning and augmented and virtual reality, geospatial and cybersecurity applications to deliver disruptive business outcomes for its global customers.
Industrial and manufacturing companies are starting to adopt digital technologies across the value chain, but need a partner with expertise to strategically connect the dots and generate business value from their data,” said Debashis Chatterjee, Chief Executive Officer & Managing Director, Mindtree.
“The acquisition will complement our significant strengths in reimagining consumer experience, positioning us as one of the leading partners for leveraging data and analytics to drive insights and deliver transformational services to our clients.”
Going forward, Mindtree and NxT Digital Business’ combined offerings will bring scale and market agility to meet the growing end-to-end digital transformation demands of customers, said the company.
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