The Competition Commission of India (CCI) on Friday approved Larsen and Toubro Ltd’s (L&T’s) takeover bid for Mindtree Ltd. The L&T-Mindtree deal, which will see the diversified engineering conglomerate purchase up to 66.32% stake in the Bengaluru-based IT services firm for around ₹10,700 crore, is the first hostile takeover bid in the Indian IT industry.
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