Larsen and Toubro Ltd (L&T) is preparing for a hostile takeover of Mindtree, reported Mint.
L&T is set to sign a binding deal to buy Cafe Coffee Day founder VG Siddhartha's stake in Mindtree and the deal is likely to be announced in the weeks ahead, two people directly aware of the development told the newspaper.
According to the report, the deal will pave way for an open offer by L&T to increase its stake in Mindtree to 51 percent.
This, the report added, will also lead to Mindtree’s current management losing control of the company.
The development comes as the battle for the control of Mindtree intensified in the last few months. In addition to L&T, KKR and Baring PE Asia have also shown interest in buying the stake, the report added.