Mindtree seeks peer support to avert takeover

MUMBAI: MindtreeNSE 1.60 % is reaching out to leaders of the IT industry and other stakeholders to create a consensus against L&T’s decision to acquire the company and convince them not to go ahead with a hostile takeover as it may be negative for the sector and damage entrepreneurial spirit.

Industry executives said that the company hopes to repeat the success of IVRCL a few years ago which avoided a hostile takeover by Essel Group with support from other Hyderabad promoters. “I am sure there are enough well-wishers of the industry, of Mindtree, who will not let this happen. This industry is a national resource. What happens to Mindtree today will create a historic precedent. I am sure the regulators, the