Mindtree will be acquiring the NxT Digital Business from Larsen and Toubro (L&T) for a total amount Rs 1.98 billion.

This acquisition would enable Mindtree to capture opportunities in the internet of things (IoT) and Industry 4.0 market by leveraging NxT digital business capabilities to cross-sell and create holistic solutions for new prospects as well as for existing clients, Mindtree said.

The total consideration for the deal is Rs 1.98 billion including earnouts, subject to adjustments as per the terms of business transfer agreement.

The transaction is expected to be completed by July 31, 2021.