Mindtree to acquire L&T Group’s NxT Digital Business for Rs 198 crore

L&T Group’s Mindtree Ltd. will acquire NxT Digital Business, a cloud-based Internet of Things (IoT) and artificial intelligence platform, from the group for Rs 198 crore, including earnouts.

The transaction is likely to conclude by July.

“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 SN Subrahmanyan, chief executive officer of Larsen & Toubro Ltd.

NxT Digital Business was founded as a startup with broad digital capabilities within L&T. It reported revenue of ₹37.59 crore in fiscal 2020-21.

“NxT Digital Business’ experience, talent, expertise and credentials, coupled with Mindtree’s global scale, technology leadership, and deep understanding of domain and delivery, are a powerful combination of focus and capabilities to meet clients’ requirements,” Subrahmanyan said.

The unit has played an instrumental role in applications of IoT technology and digitisation of many aspects of L&T’s operations, where assets and factories were digitised to make the company’s operations data-driven.