Lately, Mindtree said it has completed the acquisition of the NxT Digital Business from Larsen and Toubro (L&T). In May this year, Mindtree had announced it will acquire the NxT Digital Business from Larsen and Toubro (L&T) for INR 198 crore, a move that will enable the mid-sized IT firm to capture opportunities in the Internet of Things (IoT) and Industry 4.0 space.

Mindtree, states, "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.”

L&T is also the promoter/holding company of Mindtree with a 61.03 percent stake in the Bengaluru-based company.