L&T Infotech, Mindtree may be merged to create $22-billion firm

For L&T, this merger ties in with the group's vision of becoming more services-oriented

With the Indian information technology (IT) services sector witnessing strong growth momentum on the back of digital transformation, multinational conglomerate Larsen & Toubro (L&T) is all set to merge its IT services business units — L&T Infotech (LTI) and Mindtree.

A Bloomberg report stated that the merger announcement could be announced as early as next week, with details of share-swap ratios. However, mid-cap IT services firm Mindtree in its earning call said that the news is pure hearsay and it wouldn’t respond to speculation.

An email sent to L&T read: “We do not comment on speculative news.” An email sent to LTI