Describe L&T NxT.
LnT NXT Digital Business – The digital division of the L&T Group, L&T-NxT, focuses on providing platforms, products, and solutions by utilising cutting-edge digital technologies such augmented and virtual reality, machine learning, industrial IoT, edge computing, vision analytics, and geospatial technologies.
What is Mindtree NxT Digital’s revenue?
Nxtdigital Ltd., a company based in Mumbai, released its financial year 2022 results on Wednesday. For the fiscal year that ended on March 31, the media and communications company reported revenue of Rs 1,152.19 crore, an increase of 14.3% from the previous year.
after the merger of LTI and Mindtree?
LTI Mindtree, the newly created entity, will start trading on November 24. After the merger, Mindtree stockholders will receive 73 LTI shares for every 100 shares they now own. In May 2022, a merger between LTI and Mindtree was announced. L&T, the merging entity’s parent business, will own 68.73% of LTIMindtree.
Why did L&T purchase Mindtree?
In keeping with his strategic goal, Naik remarked, “This combination demonstrates our continuous commitment to build the IT services company. For our clients, investors, shareholders, and workers, this merging will be a “win-win” scenario due to the very complementary businesses of Mindtree and LTI.
Which is better, L&T or Accenture? [LnT NXT Digital Business]
For work-life balance, skill development, pay and benefits, job security, business culture, career advancement, and work satisfaction, Accenture receives higher ratings.
For INR 198 crore, Mindtree will purchase L&T’s NxT Digital Business.
On Thursday, Mindtree announced that it would pay Larsen and Toubro (L&T) 198 crore to purchase the NxT Digital Business, allowing the mid-sized IT company to seize opportunities in the IoT and Industry 4.0 sectors.
According to a regulatory filing, the acquisition would give Mindtree access to opportunities in the IoT and Industry 4.0 sector by leveraging NxT Digital Business’ skills to cross-sell and develop comprehensive solutions for both new prospects and current clients.
The addition of this capability will support Mindtree’s goal of leveraging its current digital competencies and positioning itself as a client’s “go-to business transformation partner.” [LnT NXT Digital Business]
The filing stated that “198 crore including earnouts, subject to modifications as per the provisions of Business Transfer Agreement” was the total price for the transaction. The deal is anticipated to close on July 31, 2021.
L&T, which owns a 61.03% share in Mindtree, is the firm’s promoter and holding company. In a separate statement to the BSE, L&T stated that it had transferred to Mindtree its business endeavour for digital transformation, L&T-NxT (NxT Digital Business), in accordance with the Thursday completion of a Business Transfer Agreement (the “Agreement”).
Within L&T, the NxT Digital Business was established as a start-up with extensive digital capabilities. It brought in 37.59 crore during the fiscal year 2020–21.
According to a statement, it has been crucial in the widespread use of IoT technology and the digitalization of many elements of L&T’s operations, where various assets were connected and factories were made digital to make the operations of the corporation data-driven for objective decision making.
NxT Digital Business uses emerging technologies including industrial IoT, artificial intelligence, machine learning, augmented reality, virtual reality, geospatial applications, and cybersecurity to offer innovative business outcomes for its international clients.
According to L&T Chief Executive Officer and Managing Director S N Subrahmanyan, “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.”
The experience, skill, expertise, and credentials of NxT Digital Business, along with Mindtree’s global reach, technological leadership, and in-depth knowledge of the domain and delivery, he continued, are a potent combination of focus and capabilities to satisfy clients’ needs.
According to Mindtree Chief Executive Officer and MD Debashis Chatterjee, industrial and manufacturing companies are beginning to adopt digital technologies across the value chain. However, they need a partner with the knowledge to strategically connect the dots and create business value from their data.
He continued by saying that the acquisition will build on Mindtree’s major strengths in reimagining the customer experience and position the business as one of the industry’s top partners for utilising data and analytics to generate insights and provide customers with transformative services.