Mindtree on Friday said it has completed the acquisition of NxT Digital Business from Larsen and Turbo (L&T) for Rs 198crore. This comes in line with its plan to capture opportunities in the IoT and explore Industry 4.0.
“The company has consummated the acquisition of L&T’s digital transformation business undertaking (NxT Digital Business) on July 1, 2021, consequent to completion of customary conditions precedent agreed under the business transfer agreement dated May 20, 2021, between the company and L&T,” Mindtree said in a regulatory filing.
Earlier in May, Mindtree said it will acquire the cloud platform from L&T to leverage its capabilities across industry segments. The NxT Digital Business is a start up that has worked in IoT technology applications and digitalisation of many aspects of L&T operations. The combined offerings are expected to bring market agility to meet customers demands.
“There is a huge opportunity ahead as global manufacturers and industrial companies are increasingly adopting Industry 4.0 focused smart solutions, systems, and processes, but are struggling to leverage data and analytics to drive efficiency and competitive advantage,” said Mr. S. N. Subrahmanyan, Chief Executive Officer & Managing Director, Larsen & Toubro Limited.