India: The inside story of Mindtree shakedown

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Late one Sunday evening in March this year, V.G. Siddhartha, who was in Mumbai, texted Mindtree Ltd’s executive chairman Krishnakumar Natarajan in Bengaluru about his decision to sell 20.3% shares the founder of the Café Coffee Day had held for close to two decades in the information technology (IT) outsourcing company to Larsen and Toubro Ltd (L&T). An agitated Natarajan, who knew that the company risked an ownership change, spoke to his friend and another co-founder Subroto Bagchi, who was in Bhubaneswar, more than 1,700km from Mumbai.

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