Mindtree has signed an agreement to acquire the NxT Digital Business, the cloud based IoT and AI platform for Industry 4.0 of L&T Group for a total consideration of Rs 198 crore. The acquisition will enhance Mindtree's cloud-based internet of things and artificial intelligence capabilities for Industry 4.0, Mindtree said in a regulatory filing to the stock exchanges.
"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 & managing director, Larsen & Toubro.
The NxT Digital Business was founded as a startup within L&T, with broad digital capabilities. It leverages the Group's deep industry domain expertise with emerging technologies such as industrial IoT, artificial intelligence, machine learning and augmented and virtual reality, geospatial and cybersecurity applications to deliver disruptive business outcomes for its global customers.
The acquisition is subject to customary closing conditions.
At 10:38 am, Mindtree shares had edged higher by 0.13 per cent to trade at Rs 2,096.95.