Subroto Bagchi, the founder of Bengaluru-based IT firm MindTree, has resigned from Odhisha government, to rejoin the IT company as it faced a hostile takeover bid.
“An imminent threat of a hostile takeover of Mindtree has made me to resign from the Government to be able to go, save the company. I must protect the Tree from people who have arrived with bulldozers & saw chains to cut it down so that in its place, they can build a shopping mall,” Bagchi, who was till recently Chairman, Odisha Skill Development Authority, said on the micro-blogging site Twitter.
It was reported Larsen & Toubro (L&T) is set to launch a hostile bid to acquire mid-tier IT services company Mindtree on Monday evening. It will be buying Coffee Day founder and Mindtree’s largest shareholder, V G Siddhartha, and proceed with an open offer to public shareholders, almost Rs 7,000 crore.