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LTIMindtree

LTM Limited (formerly LTIMindtree Limited) is an Indian multinational information technology services and consulting company based in Mumbai. A subsidiary of Larsen & Toubro, the company was incorporated in 1996 and employs more than 81,000 people.[4]

History

The company was founded as L&T Information Technology Ltd in December 1996 as a subsidiary of Larsen & Toubro.[5] During 2001–2002, the company's name was changed from L&T Information Technology Ltd. to L&T Infotech Ltd., and in the same year, the company achieved the assessed level of the Software Engineering Institute's (SEI) Maturity Level 5.[6][7]

Between 2009 and 2012, parent Larsen & Toubro sought to scale up L&T Infotech by making a series of acquisition attempts, for Satyam Computer Services, Patni Computer Systems and Hexaware Technologies, all three of which proved to be unsuccessful.[8][9]

In 2013–14, L&T Infotech's engineering services segment was acquired by parent Larsen & Toubro's newly created technology and engineering services subsidiary called L&T Technology Services.[10][11]

In July 2016, L&T Infotech went public via an initial public offering (IPO) of inr 12430000000.[12]

Between 2016 and 2017, L&T Infotech had contracts with the Income Tax Department and Central Board of Direct Taxes to detect income tax evasion using profiling, data models and social media analytics.[13][14]

The company rebranded itself as 'LTI' with a tag line of 'Let's Solve' in May 2017.[15]

Mindtree merger

In June 2019, Larsen & Toubro completed its hostile takeover of Bengaluru-based company Mindtree, despite opposition from the latter's promoters.[16]

In May 2022, it was announced that Mindtree, which was then a different IT services subsidiary of Larsen & Toubro, will be merged into LTI,[17] and the company will be renamed as LTIMindtree.[17][18] Larsen & Toubro Group chairman A. M. Naik commented that there was not much overlap between the two companies in terms of industries and clientele; LTI had a plurality in BFSI industry and was active in the oil and gas sector, while Mindtree had a plurality in technology, media and telecommunications (TMT) with a presence in travel and hospitality.[19]

The merger was completed in November 2022. Subsequent to Merger, company changed name to LTIMindtree, becoming India's fifth largest provider of IT services by market capitalization and sixth largest by revenue. Shares of Mindtree were delisted and shareholders were allotted 73 shares of LTI for every 100 shares of Mindtree held. The parent company, Larsen & Toubro, held a 68.73% stake in the merged entity.[20]

In February 2026, LTIMindtree Limited announced that it would change its name to LTM Limited.[21][22]

Acquisitions

See also

External links

References

  1. Larsen & Toubro Infotech Limited: Private Company Information – BusinessWeek Investing.businessweek.com, retrieved 11 July 2012^
  2. LTIMindtree reports 1.2% Y-o-Y decline in net profit Techcircle, 24 April 2024, retrieved 24 April 2024^
  3. Financial Results For Q4 FY25 BSE, LTIMindtree, retrieved 23 April 2025^
  4. Shilpa Phadnis, Veena Mani. LTIMindtree aspires to be $10bn in revenue: CEO The Times of India, retrieved 9 December 2022^
  5. Sanjay Jalona CEO & MD of LTI lntinfotech.com, L&T Infotech, 12 August 2015, retrieved 8 February 2016^
  6. expresscomputeronline 1 April 2002, retrieved 25 November 2012^
  7. Larsen & Toubro Infotech Ltd. retrieved 16 April 2019^
  8. P R. Sanjai, Zahra Khan. L&T Infotech plans to enter new markets, make acquisitions Mint, 14 October 2013, retrieved 26 April 2024^
  9. Arijit Barman, Shivani Shinde. Now, L&T jumps into Hexaware race to reboot Infotech Business Standard, 7 March 2012, retrieved 26 April 2024^
  10. L&T to set up new arm L&T Technology Services The Economic Times, retrieved 14 October 2022^
  11. P. R. Sanjai. L&T to sell 15% stake in L&T Technology Services via IPO mint, 15 July 2016, retrieved 14 October 2022^
  12. Ami Shah. L&T Infotech falls 1.74% on debut; first IPO to list at a discount in 4 months mint, 21 July 2016, retrieved 14 October 2022^
  13. Dilasha Seth. L&T Infotech bags contract for Project Insight Business Standard, 18 July 2016, retrieved 30 July 2024^
  14. L&T Infotech gets $100 million project from CBDT to help pin down tax evaders Mint, 1 October 2017, retrieved 30 July 2024^
  15. L&T Infotech rebrands itself as LTI in keeping with new business reality Moneycontrol, 4 May 2017, retrieved 16 April 2019^
  16. Anirudh Laskar. With 60% stake, L&T completes its hostile takeover of Mindtree mint, 2019-06-26, retrieved 2023-08-17^
  17. Press Trust of India. L&T Infotech-Mindtree merger likely by December, says LTI COO Business Standard India, 2022-06-19, retrieved 2022-07-07^
  18. LTIMindtree to have fifth largest BFSI portfolio The Times of India, 9 May 2022^
  19. LTIMindtree begins life in the big league 15 November 2022^
  20. Merged entity. LTI-Mindtree merger takes effect; latter to delist from bourses on Nov 24 14 November 2022^
  21. Shivani Shinde. LTIMindtree unveils new identity, to be renamed LTM Limited; board approves Business Standard, 11 February 2026, retrieved 21 February 2026^
  22. BSEINDIA www.bseindia.com, retrieved 2026-03-17^
  23. L&T Infotech acquires Citigroup's Canadian IT unit Business Standard, February 2011, retrieved 2013-01-25^
  24. L&T Infotech buys Otis Elevator's Information Systems Resource Centre The Hindu Business Line, 28 October 2014, retrieved 2014-10-28^
  25. L&T Infotech to acquire analytics start-up AugmentIQ Mint, 25 October 2016, retrieved 2016-10-25^
  26. Larsen & Toubro Infotech to acquire Syncordis SA The Economic Times, 14 November 2017, retrieved 2017-11-14^
  27. Larsen & Toubro Infotech acquires Ruletronics for $7.48 million The Economic Times, 17 January 2019, retrieved 2019-01-17^
  28. LTI to acquire Germany's Nielsen+Partner in a $31.6M deal The Economic Times, 14 February 2019, retrieved 2019-02-14^
  29. LTI to acquire advanced analytics firm Lymbyc The Economic Times, 17 July 2019, retrieved 2019-07-17^
  30. Larsen & Toubro Infotech to acquire PowerupCloud The Hindu, 17 October 2019, retrieved 2019-10-17^
  31. LTI concludes acquisition of Pune-Based Cuelogic Business Standard, 8 July 2021, retrieved 2021-07-08^
  32. Amit Mudgill. L&T Infotech announces merger with Mindtree The Economic Times, retrieved 2022-05-09^