LTM (formerly LTIMindtree)
Company History
LTIMindtree History: Founding, Growth & Key Milestones
Founded 1996 in Mumbai, India
When was LTIMindtree founded?
LTIMindtree was founded in 1996 in Mumbai, India by Larsen & Toubro and Subroto Bagchi, making it 30 years old.
- Founded
- 1996
- Founding place
- Mumbai, India
- Founders
- Larsen & Toubro and Subroto Bagchi
- Headquarters today
- Mumbai, Maharashtra & Bengaluru, Karnataka, India
- Milestones documented
- 7 (1996–2026)
- Current CEO
- Venu Lambu
- Acquisitions
- 5
| Year | Event |
|---|---|
| 1996 | L&T sets up its IT services unit |
| 1999 | Mindtree founded in Bengaluru |
| 2016 | LTI lists on NSE and BSE |
| 2019 | L&T takes control of Mindtree |
| 2022 | LTI and Mindtree merge into LTIMindtree |
| 2025 | Venu Lambu becomes CEO |
| 2026 | Rebrands as LTM and agrees Randstad Digital deal |
- Where was LTIMindtree founded?
- LTIMindtree was founded in Mumbai, India in 1996.
- Who founded LTIMindtree?
- LTIMindtree was founded by Larsen & Toubro and Subroto Bagchi.
- When did LTIMindtree start?
- LTIMindtree was founded in 1996.
- How old is LTIMindtree?
- LTIMindtree is 30 years old as of 2026.
Founding Story
L&T set up its software unit, L&T Information Technology, in 1996. The unit later became Larsen & Toubro Infotech (LTI) and listed in 2016. Mindtree was founded in Bengaluru in 1999 by ten IT veterans including Ashok Soota, Subroto Bagchi and Krishnakumar Natarajan. In 2019 L&T bought Café Coffee Day founder V.G. Siddhartha's roughly 20% stake in Mindtree and followed with market purchases and an open offer, which Mindtree's founders opposed, to take control in what is widely described as India's first hostile takeover in IT services. L&T merged Mindtree into LTI in November 2022 to form LTIMindtree, which was renamed LTM in 2026.
Founders
Larsen & Toubro
Larsen & Toubro, the Mumbai-based engineering and construction group founded in 1938 by Danish engineers Henning Holck-Larsen and Søren Kristian Toubro, set up L&T Information Technology in 1996. That unit became Larsen & Toubro Infotech (LTI), which listed in 2016. L&T took control of Mindtree in 2019, merged it into LTI in November 2022 to form LTIMindtree, and still holds about 68.6% of the company, now called LTM. (Exact birth year remains publicly undisclosed).
Subroto Bagchi
Subroto Bagchi was one of the ten people who founded Mindtree in Bengaluru in 1999. The others included Ashok Soota and Krishnakumar Natarajan. Bagchi had worked at Wipro and Lucent and later served as Mindtree's COO and vice chairman. He is also known for his business books, among them 'The High-Performance Entrepreneur' and 'The Professional'. Mindtree went public in 2007 and was merged with LTI in 2022. (Exact birth year remains publicly undisclosed).
Key Milestones
L&T sets up its IT services unit
L&T Information Technology, later Larsen & Toubro Infotech (LTI), is established in Mumbai.
Source: en.wikipedia.orgMindtree founded in Bengaluru
Ten IT veterans including Ashok Soota, Subroto Bagchi and Krishnakumar Natarajan found Mindtree.
Source: en.wikipedia.orgL&T takes control of Mindtree
L&T buys V.G. Siddhartha's stake and makes an open offer, gaining majority control despite founder opposition.
Source: en.wikipedia.orgLTI and Mindtree merge into LTIMindtree
The all-share merger completes on November 14, 2022, with 73 LTI shares issued for every 100 Mindtree shares.
Source: en.wikipedia.orgVenu Lambu becomes CEO
Former Randstad Digital CEO Venu Lambu succeeds Debashis Chatterjee on May 31, 2025.
Source: business-standard.comRebrands as LTM and agrees Randstad Digital deal
Renamed LTM Limited (NSE symbol LTM from April 17, 2026); agrees in May to buy Randstad Digital units in Europe and Australia for ~$181 million (€160 million).
Source: m.economictimes.indiatimes.comMajor Acquisitions
Mindtree Limited (merged into LTI)
2022All-share merger of L&T's two listed IT subsidiaries; Mindtree shareholders received 73 LTI shares for every 100 Mindtree shares.
Randstad Digital technology & consulting businesses (France, Germany, Belgium, Luxembourg, Australia)
2026Add onshore and nearshore capacity in continental Europe and Australia, with delivery centers in Romania and Portugal.
Cuelogic (by LTI)
2021Provider of application development and cloud services.
Powerupcloud (by LTI)
2019Cloud consulting and implementation.
Magnet 360 (by Mindtree)
2016Salesforce consulting firm.
Keep researching LTIMindtree
LTIMindtree Company History FAQ
What are the major historical milestones in the journey of LTIMindtree?
Milestones include the founding of LTI (1996), founding of Mindtree (1999), Mindtree IPO (2007), LTI IPO (2016), L&T's acquisition of Mindtree (2019), the landmark merger creating LTIMindtree (2022), and inclusion in the benchmark NIFTY 50 index.
What was the significance of LTI's Initial Public Offering in 2016?
In July 2016, L&T listed LTI on the NSE and BSE through an offer for sale, giving the IT unit a separate market valuation and currency for growth.
How did the 2022 merger change India's IT industry landscape?
The November 2022 merger brought L&T's two listed IT companies together as one firm with more than $3.5 billion in revenue at the time. That gave it the scale to bid for large transformation deals against TCS, Infosys, HCLTech and Wipro.
How did LTIMindtree adapt to the post-pandemic digital acceleration?
LTIMindtree enabled hybrid cloud architectures for over 700 enterprise clients, deployed zero-trust cybersecurity protocols, and migrated critical legacy infrastructure to hyperscaler clouds during the global surge in enterprise digital spending.
How has LTIMindtree expanded its generative AI capabilities since 2023?
Since 2023, LTIMindtree launched its comprehensive 'Canvas AI' and 'Fosfor' enterprise generative AI platforms, established dedicated AI centers of excellence with Nvidia and Microsoft, and trained thousands of engineers in generative AI engineering.
Why did LTIMindtree change its name to LTM?
In February 2026, about a year after Venu Lambu became CEO, the company unveiled a new brand identity and positioned itself as a 'business creativity partner' built around AI-led services. The name LTM Limited was approved by shareholders and regulators, and the NSE symbol changed to LTM on April 17, 2026.
How did LTIMindtree start?
The modern entity was formed in 2022 through a massive, multi-billion dollar merger between two separate IT companies owned by the massive Larsen & Toubro (L&T) conglomerate: L&T Infotech (LTI) and Mindtree. The history is highly aggressive: in 2019, L&T executed India's first-ever hostile takeover in the IT sector, ruthlessly acquiring Mindtree against the wishes of its founders, eventually merging it with LTI to create a massive global powerhouse.
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