Mindtree to acquire L&T’s cloud platform for ₹198 cr

Bengaluru-based Mindtree Ltd has signed an agreement to acquire the NxT Digital Business, the cloud-based platform of the Larsen & Toubro (L&T) Group, for a total consideration of ₹198 crore.

The acquisition is expected to enhance Mindtree’s cloud-based internet of things (IoT) and artificial intelligence (AI) capabilities for Industry 4.0, the company said in an exchange filing on Thursday.

NxT Digital Business was founded as a startup with broad digital capabilities within L&T in FY19. It has played an instrumental role in extensive applications of IoT technology and digitalization of many areas of L&T’s operations and generated revenues of ₹37.6 crore in FY21.