Mindtree to acquire L&T’s NxT Digital Business for Rs 198 cr

By: |
May 21, 2021 2:00 AM

NxT Digital Business leverages the group’s deep industry domain expertise with emerging technologies like industrial IoT, artificial intelligence, machine learning and augmented and virtual reality, geospatial and cybersecurity.

As per the filings on NSE, the deal will be a full cash deal worth Rs 198 crore expected to be completed on or before July 31. The business is reported to have a revenue of Rs 37.59 crore for FY21 and Rs 49.73 crore for FY20.As per the filings on NSE, the deal will be a full cash deal worth Rs 198 crore expected to be completed on or before July 31. The business is reported to have a revenue of Rs 37.59 crore for FY21 and Rs 49.73 crore for FY20.

Mindtree, the Bengaluru-based IT firm of L&T group, has announced that it has signed an agreement to acquire the NxT Digital Business, the cloud based IoT and AI platform of L&T Group in a related party transaction.

As per the filings on NSE, the deal will be a full cash deal worth Rs 198 crore expected to be completed on or before July 31. The business is reported to have a revenue of Rs 37.59 crore for FY21 and Rs 49.73 crore for FY20.

The NxT Digital Business was founded as a start-up with broad digital capabilities within L&T. According to the company, NxT Digital Business has played an important role in extensive applications of IoT technology and digitalization of many aspects of L&T’s operations, where numerous assets were connected and factories were digitalized to make the company’s operations data driven for objective decision making.

NxT Digital Business leverages the group’s deep industry domain expertise with emerging technologies like industrial IoT, artificial intelligence, machine learning and augmented and virtual reality, geospatial and cybersecurity.

“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.

“NxT Digital Business experience, talent, expertise and credentials, coupled with Mindtree’s global scale, technology leadership, and deep understanding of domain and delivery, are a powerful combination of focus and capabilities to meet clients’ requirements,” he added.

Commenting on the deal, Debashis Chatterjee, chief executive officer & managing director, Mindtree, said, “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.”

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1‘Jamsetji Tata world’s biggest philanthropist with donations worth $102 billion’
2Sponsored: Prione is empowering SMBs to harness the power of ecommerce
3FICCI urges govt to support tourism, hospitality industry