No immediate plans to divest stake from MindTree: Soota

BANGALORE: Outgoing Executive Chairman of MindTree Limited, Ashok Soota, today clarified that he had no "immediate" plans to divest his stake in the company but would do so over due course of time.

Soota who tendered his resignation, effective from March 31, 2011, said in a joint statement, "I have no immediate plans for the divestment of my stake in MindTree"

"I will, in due course of time, divest my stake in a manner which will not jeopardize MindTree. The proceeds of the divestment will be used towards funding my new NGO and the new business venture, which I will soon announce."

Krishnakumar Natarajan, CEO & MD, MindTree Limited, a global IT Solutions and Product Engineering Services company, said, "After the resignation of Ashok Soota from MindTree, there has been speculation on the sale of his stake in MindTree, his future plans and impact, if any, on MindTree."

"We are confident that if Soota enters into areas competing with MindTree and some MindTree employees were to join him, the start-up operation would have no material impact on MindTree's business.

MindTree has built strong capabilities and excellent customer relationships, which will take MindTree of greater heights," he said.