We have successfully completed the acquisition of Mindtree as stated in our public announcement in March 2019. It made a strategic sense to acquire Mindtree as we were further looking for growth opportunities in the services segment. Our own services business units in the technology space, namely L&T Infotech and L&T Technology Services, have performed well over the last few years. And like these units, there are other business verticals under L&T, which are also growing rapidly. The common factor behind successful performance by these L&T businesses is their strong individual managements, performance culture and committed employee base, while L&T parent connect, leverage and the leadership also proved vital. Similarly, Mindtree, as a latest entrant in the L&T family of firms, will continue to have their independent management, unique culture and committed Mindtree Minds. At the same time, the firm will benefit from the parent L&T’s strengths too.
In case of L&T too, the prime mover for strong performance is its people and work culture. Over the last fifty years, we have remained consistently profitable and have been paying dividends without interruption at rates higher than previous payouts. L&T’s first Chairman was awarded the Padma Bhushan and a former director was posthumously conferred the Padma Bhushan. The present Chairman of L&T Group has received both the Padma Bhushan and Padma Vibhushan – one of India’s highest civilian awards. No company in this country has such a track record of decorated leaders. These are endorsements of our good governance, pedigree, the brand salience that we have, and the calibre of our people.
Even for individual business units within the L&T group, their culture, policy, and benefits are tailored and have been planned for attracting and retaining the best talent for businesses they are in. The professionally managed group is known for the level of empowerment and pride at work that employees experience. The employees of the group take pride in working on nationally and internationally acclaimed projects. The company believes in diversity and in practicing key values of professionalism. This has helped in building a culture practiced and written in indelible ink of trust, caring, integrity, innovation, entrepreneurship and continuous learning. This unique DNA of the company and the fabric of its culture has helped L&T in retaining its position of pre-eminence and in attracting the best talent. Thus, L&T featuring among the top 25 companies in the Forbes’ global 2000 best employers list last year was a sound outcome.
Each of the businesses and listed units of L&T have employees on their rolls specialising in unique domains that are pertinent to their business. They have their own HR policies that are relevant for their industry. What binds the group staff together however, is governance mechanisms such as the Code of Conduct, the L&T Values and policies that make L&T staff feel that these are safe and decent places to work. The common thread that runs through the group is the spirit of caring and this is evident in unwritten employee experiences.
L&T employees have been provided with such a meritorious, empowered environment, that large contingents of professionals stay on to spend their entire career with the Company. We find these attributes to be relevant to protect and build on the unique employee engagement culture that Mindtree is known for. We expect with our engagement, Mindtree, its employees, customers, investors and all associated stakeholders, will benefit in the years to come. Mindtree, I would say, is in fact in a sweet spot of benefitting from its own strengths as well as those from the L&T group.
The author is CEO & MD, Larsen & Toubro.