Naik said Mindtree's acquisition was top on L&T's agenda right now.
"We have got around 26 per cent stake in Mindtree and now we will wait till we get 51 per cent. The open offer will be launched in about 10-12 days time," he added.
Naik joined L&T in 1965 as a junior engineer and rose to the position of CEO and MD in 1999 and chairman in 2003. In 2017, he stepped aside from executive responsibilities and took over as Group Chairman.
On delays in approval for the open offer, Naik said: "In about 10 days it will start."
Elaborating on Mindtree promoters' opposition to the hostile takeover bid, Naik said, "Mindtree promoters are obviously attached to their company, so they don't easily want to give up. But now they realise that L&T is a very nice company which is excellent to its employees too. I think slowly they also feel...they wanted to sell it anyway. Altogether it is about 12 per cent (stake) and we are not saying you sell and go. Whenever they sell and if they want to sell it to us, we will buy the stake."
Naik stressed that Mindtree is an acquisition worth over a billion dollar and there is huge potential for growth in the segment.
"I hope we will do better and do great things. ... in IT and engineering service, once we complete our acquisition of Mindtree, we will be $3 billion and our idea is in three to four years, take it to $5 billion," he asserted.
He added: "It was zero when I took over....application of new generation of technologies is now a major focus for us with L&T Nxt and I hope we will do a great job in this area."
Earlier, L&T had purchased around 20 per cent stake of V G Siddhartha and Cafe Coffee Day in Mindtree through a block deal for about Rs 3,210 crore, and has since topped that up with share purchases from the open market.
In all, the infrastructure major is eyeing up to 66 per cent stake in Mindtree for around Rs 10,800 crore -- marking the country's first-ever hostile takeover bid in the information technology industry.
L&T had proposed to buy additional stake in Mindtree through an open offer that was slated to begin on May 14 and close on May 27.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.