Formerly | L&T Infotech |
---|---|
Company type | Public |
| |
ISIN | INE214T01019 |
Industry | Information technology Consulting Outsourcing [1] |
Founded | 23 December 1996 |
Headquarters | L&T House, Ballard Estate, Mumbai , India |
Area served | Worldwide |
Key people | A. M. Naik (Chairman) S. N. Subrahmanyan |
Revenue | ₹35,517 crore (US$4.4 billion) (FY24) [2] |
₹6,048 crore (US$760 million) (FY24) [2] | |
₹4,584 crore (US$570 million) (FY24) [2] | |
Number of employees | 81,650 (March 2024) [3] |
Parent | Larsen & Toubro (68.73%) |
Website | www |
LTIMindtree Limited is an Indian multinational information technology services and consulting company based in Mumbai. A subsidiary of Larsen & Toubro, the company was incorporated in 1996 and employs more than 81,000 people. [4]
The company was founded as L&T Information Technology Ltd in December 1996 as a subsidiary of Larsen & Toubro. [5] [6] During 2001–2002 the company's name was changed from L&T Information Technology Ltd to L&T Infotech Ltd and in the same year the company achieved the assessed level of Software Engineering Institute's (SEI) Maturity Level 5. [7] [8]
Between 2009 and 2012, parent Larsen & Toubro sought to scale up L&T Infotech by making a series of acquisition attempts, for Satyam Computer Services, Patni Computer Systems and Hexaware Technologies, all three of which proved to be unsuccessful. [9] [10]
In 2013–14, L&T Infotech's engineering services segment was acquired by parent Larsen & Toubro's newly created technology and engineering services subsidiary called L&T Technology Services. [11] [12]
In July 2016, L&T Infotech went public via an initial public offering (IPO) of ₹1,243 crore (US$184.98 million). [13]
The company rebranded itself as 'LTI' with a tag line of 'Let's Solve' in May 2017. [14]
In June 2019, Larsen & Toubro completed its hostile takeover of Bengaluru-based company Mindtree, despite opposition from the latter's promoters. [15]
In May 2022, it was announced that Mindtree, which was then a different IT services subsidiary of Larsen & Toubro, will be merged into LTI, [16] and the company will be renamed as LTIMindtree. [16] [17] Larsen & Toubro Group chairman A. M. Naik commented that there was not much overlap between the two companies in terms of industries and clientele; LTI had a plurality in BFSI industry and was present in oil and gas sector, while Mindtree had a plurality in technology, media and telecommunications (TMT) with a presence in travel and hospitality. [18]
The merger was completed in November 2022. After the merger, LTIMindtree became India's fifth largest provider of IT services by market capitalisation and sixth largest by revenue. Shares of Mindtree were delisted and shareholders were allotted 73 shares of LTI for every 100 shares of Mindtree held. The parent company, Larsen & Toubro, held a 68.73% stake in the merged entity. [19]
LTIMindtree has its presence across the following regions: [20]
Company acquired | Country | Date | Business | Reference |
---|---|---|---|---|
Mindtree Ltd | India | May 2022 | IT Services | [22] |
Cuelogic Technologies | India | July 2021 | Digital Engineering | [23] |
Powerupcloud Technologies | India | October 2019 | Cloud Managed Services, Al and Data Analytics | [24] |
Lymbyc | India | July 2019 | AI, Machine Learning | [25] |
NIELSEN+PARTNER of Hamburg (Germany) | Germany | February 2019 | Digital Solutions | [26] |
Ruletronics | India | January 2019 | Business Process Management | [27] |
Syncordis S.A. | Luxembourg | November 2017 | Core Banking Platform | [28] |
AugmentIQ Data Sciences Pvt. Ltd | India | October 2016 | Big Data, Data Analytics | [29] |
Information Systems Resource Centre Pvt. Ltd. (ISRC) | India | October 2014 | Information Systems Resource Centre (ISRC) | [30] |
L&T Infotech Financial Services Technologies Inc. (Formerly part of Citigroup Fund Services Canada Inc) | Canada | January 2013 | IT Outsourcing Business | [31] |
Anil Manibhai Naik is an Indian industrialist, philanthropist and the Chairman Emeritus of Larsen & Toubro, an Indian engineering conglomerate, and a former Chairman of the National Skill Development Corporation.
Larsen & Toubro Limited, abbreviated as L&T, is an Indian multinational conglomerate, with interests in industrial technology, heavy industry, engineering, construction, manufacturing, power, information technology, military and financial services. It is headquartered in Mumbai, Maharashtra.
Kotak Mahindra Bank Limited is an Indian banking and financial services company headquartered in Mumbai. It offers banking products and financial services for corporate and retail customers in the areas of personal finance, investment banking, life insurance, and wealth management. It is India's third largest private sector bank by market capitalisation after HDFC Bank and ICICI Bank. As of December 31, 2023, Kotak Mahindra Bank Ltd has 1,869 branches, 3,239 ATMs, and branches in GIFT City and DIFC (Dubai)
Tech Mahindra is an Indian multinational information technology services and consulting company. Part of the Mahindra Group, the company is headquartered in Pune and has its registered office in Mumbai. Tech Mahindra has over 146,000 employees across 90 countries. The company was ranked #5 in India's IT firms and overall No. 47 on Fortune India 500 list for 2019.
Mindtree Limited was an Indian multinational information technology services and consulting company, headquartered in Bangalore. Mindtree was acquired by Larsen & Toubro in 2019, before being merged with L&T Infotech (LTI) in 2022 to form LTIMindtree.
Grasim Industries Limited is an Indian manufacturing company based in Mumbai. Since its inception in 1947 as a textile manufacturer, Grasim has diversified into textile raw materials like viscose staple fiber (VSF) and viscose filament yarn, chemicals and insulators, along with cement and financial services through its subsidiaries UltraTech Cement and Aditya Birla Capital respectively. The company is a part of the Aditya Birla Group.
The Indiabulls Group is an Indian conglomerate headquartered in Gurugram, whose primary businesses are housing finance, consumer finance, and real estate. The group also has a presence in wealth management, construction equipment rentals, pharmaceuticals, and LED lighting.
Firstsource Solutions Limited is an Indian business process management company headquartered in Mumbai, India. It is owned by RP-Sanjiv Goenka Group.
L&T Mutual Fund was an Indian mutual fund company that operated between 2010 and 2023. The asset manager of its mutual fund schemes was L&T Investment Management Ltd, a wholly-owned subsidiary of Larsen & Toubro.
Cyient is an Indian multinational technology company that is focused on engineering, manufacturing, data analytics, networks and operations. It was established in 1991 in Hyderabad as Infotech Enterprises Ltd. Infotech Enterprises was re-branded as Cyient in 2014.
HDFC ERGO General Insurance Company Limited is a 51:49 joint venture firm between HDFC and ERGO International AG, one of the insurance entities of the Munich Re Group in Germany operating in the insurance field under the BFSI sector. The retail sector includes various products like health insurance, vehicle insurance, travel insurance, home insurance, personal accident insurance and cyber insurance. The Corporate sector includes products like liability, marine and property insurance. Rural sector products include rainfall index insurance, Pradhan Mantri Fasal Bima Yojna, and cattle insurance policy.
Shrikant Bhasi, is an Indian entrepreneur. He is also the founder and chairman of the Carnival Group, a diversified corporate group with interests in multiplex, media, entertainment, hospitality and real estate.
Equitas Small Finance Bank is a small finance bank founded in 2016 as a microfinance lender. The bank has its headquarters in Chennai, and is a subsidiary of holding company Equitas Holdings Ltd.
L&T Technology Services (LTTS) is an Indian multinational technology company that provides engineering research and development (ER&D) services, headquartered in Vadodara. The company's business interests include automotive engineering, embedded system and semiconductor engineering, industrial internet of things, manufacturing plant engineering, and medical engineering.
Sekharipuram Narayanan Subrahmanyan is the Chairman & Managing Director of Larsen & Toubro. He took over the reins from Mr Anil Manibhai Naik on 1 July 2017. S N Subrahmanyan is also the Vice Chairman on the Boards of LTIMindtree and L&T Technology Services, Chairman of L&T Metro Rail (Hyderabad) Limited and Director and Chairperson of L&T Finance Holdings Ltd.
Navi is an Indian financial services company founded by Sachin Bansal and Ankit Agarwal in 2018. Navi operates in the space of digital Loans, home loans, mutual funds, health insurance, digital gold and micro-loans. It currently has $100 million in revenue with $10 million in profit.
The Tech Giants, also known as the Indian IT Giants, are the most dominant companies in the Indian information technology industry, notably the six currently largest Indian tech companies: TCS, Infosys, Wipro, HCLTech, LTIMindtree, and Tech Mahindra..
Hexaware Technologies is an Indian multinational information technology (IT) and business process company headquartered in Navi Mumbai, India.