Mindtree strikes conciliatory note, open to 'middle ground' over L&T bid

"We think there can certainly be a middle ground to protect the interests of our customers, shareholders and Mindtree minds" said Krishnakumar Natarajan

In a change of stance since it waged a war against the hostile takeover bid by Larsen & Toubro (L&T), the management of Mindtree has sounded a conciliatory note, expressing willingness to sit on the negotiation table with the engineering major.

In his first interaction after Tuesday's board meeting, Mindtree Co-founder and Executive Chairman Krishnakumar Natarajan indicated that a “middle ground” could certainly be explored through mutual discussions between the two parties to protect the interests of all stakeholders of the IT firm. He also hinted that while the process had just begun, there were multiple channels that could be tapped to reach a common ground.

“We think there can certainly be a middle ground to protect the interests of our customers, shareholders and Mindtree minds. We don't have any ego (issue) with that,” Natarajan told Business Standard on Wednesday. "We are not an organisation that continues to cry about the past. Because we are coming from the realm of optimism and practicality, we believe that yes, there can be a middle ground formed," he added.

The talks of rapprochement are significant given the fact that the current management has been vocal in its opposition to the L&T's takeover bid after the latter sealed a deal to purchase a 20.32 per cent stake from V G Siddhartha. L&T Chairman A M Naik had already tried to assuage the concerns of Mindtree management through many of his public statements, including an offer to allow Natarajan continue as executive chairman.