Premji will continue as a non-executive director and founder chairman.
For now, Mindtree founders don’t have many options other than to delay the inevitable and negotiate for a smooth transition.
Siddhartha, facing huge financial pressure, decided to sell his stake to L&T, leaving Mindtree vulnerable to a hostile takeover.
A share buyback by the IT services firm could potentially push up the acquisition cost for L&T, which had earlier this week bought 20.32% stake in Min
Of its total investments, 14 are in the US, three in Israel and one in India—in Pune-based big data start-up Altizon Systems Pvt. Ltd.
IL&FS is planning to sell a majority stake in its financial services unit, as well as assets totalling Rs4,500 crore.
Disputes over contracts, delayed approvals for projects and rising interest rates have led to a cash crunch at the lender.
The deal marks the second acquisition under chief executive officer (CEO) Salil Parekh, who took over nine months ago.
If Infosys does not find a buyer quickly, there could be further write-downs over the next few quarters.
Infosys bought the companies on Sikka’s watch. It spent $320 million on the two. Now, less than two years later, it has decided to sell them.
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