Larsen & Toubro Infotech Limited (NSEI: LTI) (L&T) is said to be lining up to acquire VG Siddhartha's stake in Mindtree Limited (NSEI:MINDTREE). Larsen & Toubro unit is closing in on a potential deal with Café Coffee Day founder VG Siddhartha, the single largest shareholder in Mindtree, said three people with knowledge of the matter. Siddhartha and AM Naik, Non executive Chairman of L&T, are believed to have.

That was followed by the L&T team meeting the Mindtree management January 18, 2019 amid talks. However, one of the persons cited above said the Mindtree management was noncommittal on any deal with L&T. L&T, however, denied that any meeting took place. The four remaining founders— Subroto Bagchi, NS Parthasarathy, Krishnakumar Natarajan and Rostow Ravanan-—have been holding out against a sale and are against any deal with a strategic acquirer such as L&T or KKR & Co.

Inc. (NYSE:KKR) and Baring Private Equity Asia, which have also been on the prowl for the asset, according to people with knowledge of the matter. Siddhartha is determined to sell his stake by January end and has sought binding offers from all suitors, said people close to him. L&T Chief Executive Officer, Sanjay Jalona said L&T would not comment on speculation.

Responding to a detailed questionnaire from ET, an L&T spokesperson said, “As part of business strategy, the company does explore various opportunities towards growth. Having said that, we categorically deny any meeting or agreement as mentioned having taken place. Consequently, the question of any subsequent steps just does not arise.” Siddhartha didn't respond to emails and text messages.