Promoters to maintain their stake, focus on building business: Mindtree CEO

Media reports indicate that Japanese IT multinational NEC Corp is eyeing VG Siddhartha's 20.3 percent stake in Mindtree and is competing with KKR and Advent International for the buyout. Rostow Ravanan, Managing Director and Chief Executive Officer of Mindtree, spoke to CNBC-TV18 about the same.

"In some sense, we were already doing some work for BBC for many years on helping them quality assurance on multiple of their properties, web, mobile and the work that we have been doing is of very high quality. So when the contract came up for renewal, the customer has renewed the contract with more pieces than what we were originally doing. So I think this start helping us from our revenue perspective almost immediately and it helps us expand our footprint in the account. So we were doing a little bit of this but the quality of work has helped the customer give us more work," Ravanan said on December 21.

"We are not sharing any numbers at this stage because it is customer confidential but suffice to say that historically the largest deal in the history of Mindtree was an American airline, there we were responsible for the entire testing function," he said.

Speaking about VG Siddhartha’s stake in Mindtree, Ravanan said, “I have absolutely no clue because at the end of the day, it is a shareholder who makes their own decisions on their plans. Nothing has been officially communicated to us. So we are not aware of his plans and nor are we aware of anybody who is not claiming to be interested in it. So we are not participating in any of these at all. All I can reiterate is many of this is speculative and this has been going on for many months now and I am curious and amused as to why this doesn't die down.”

"At the moment, the promoters have no plans to do anything with our stakes, neither are we increasing nor are we decreasing. Our focus is on building the business," he said.

Source: CNBC-TV18