Takeover bid: L&T talks of dil and pyaar while Mindtree spews fire

The takeover battle between Mumbai-based engineering conglomerate L&T and Bengaluru-based IT services firm Mindtree got fierce on Tuesday, with the promoters of the latter vowing to keep the two-decade-old company independent even as its suitor insisted there is no animosity in the takeover bid.

While Mindtree promoters and management termed L&T’s acquisition attempt a “hostile” move, L&T’s MD and CEO SN Subrahmanyan said it’s a bid for dil and pyaar, as the infrastructure group looks for an entry into larger services play. Subrahmanyan said VG Siddhartha, founder of Cafe Coffee Day and a 20.3 per cent stakeholder in Mindtree since its inception, approached L&T a few months back to sell his stake in the firm.