Diversified conglomerate Larsen & Toubro (L&T) launches a hostile bid to acquire Bengaluru based Mindtree Ltd. The move is unique as this will be the first time a hostile bid has been launched in the Indian IT sector for a publicly-traded company. L&T is expected to buy out Coffee Day founder and Mindtree’s largest shareholder, V G Siddhartha and then follow it up with an open offer to acquire controlling stake in the company. L&T is likely to spend about Rs 7,000 crores (1 billion dollars) in the process.