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21 Apr 2019·
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Odisha

Amid Takeover Rumours, Subroto Bagchi Returns to Mindtree

Amid Takeover Rumours, Subroto Bagchi Returns  to Mindtree

Bhubaneswar: In a significant development,  Subroto Bagchi, co-founder of Mindtree, on Sunday stated  that he will be quitting his position with Odisha Government and return to his IT company to fend off “an imminent threat of hostile takeover”.

Bagchi, who co-founded Mindtree in 1999, is currently involved with the Odisha government as Chairman of the Odisha Skill Development Authority.

In a tweet he wrote,  “An imminent threat of hostile takeover of Mindtree has made me to resign from the Government to be able to go, save the company. I must protect the Tree from people who have arrived with bulldozers & saw chains to cut it down so that in its place, they can build a shopping mall,”

“Mindtree has not been designed as an “asset” to be bought & sold. It is a national resource. It has a unique culture that humanizes the idea of business. It sets the standards of corporate governance. I need to be there in its time of difficulty. Hence the hard decision to return”, he added.

Mindtree has not been designed as an “asset” to be bought & sold. It is a national resource. It has a unique culture that humanizes the idea of business. It sets the standards of corporate governance. I need to be there in its time of difficulty. Hence the hard decision to return

Speculations are rife that Larsen and Turbo (L&T) is in advanced stages of negotiations to buy out a 20.4 per cent stake held by Cafe Coffee Day’s founder V G Siddhartha – Mindtree’s largest shareholder.


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