Mindtree has received an approval for the Scheme of Amalgamation of Magnet 360, LLC with itself. The Scheme will come into effect subject to the approval of the National Company Law Tribunal and other statutory authorities as may be required. Magnet 360, LLC is a wholly owned subsidiary of Mindtree. The Board of Directors of the company at their meeting held on October 06, 2017 has considered and approved the same.
The amalgamation will result in economy of scales and reduction in overheads, administrative, managerial and other expenditure, operational rationalisation, organisational efficiency, and optimal utilisation of various resources.
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