Larsen & Toubro chairman AM Naik defends Mindtree takeover move

MUMBAI: Larsen & Toubro chairman AM Naik said his company was not seeking a hostile takeover of Mindtree and was open to talks with the IT services firm’s founders to allay their concerns.
“This is no hostile bid. The shareholder approached L&T first—how can that be hostile by us? We are open to further negotiations with Mindtree—our doors are always open,” he told ET. “L&T has done much more for its employees than Mindtree for theirs. We formed the L&T employees’ trust, which owns a sizeable stake in the company.
Our culture has been called the best by several studies. So it is ridiculous to state otherwise.”