April 28, 2008 - Bangalore

MindTree Signs Multi-year Framework Agreement with ArcelorMittal

 

MindTree Limited, a global IT and R&D Services Company, today announced that it has signed a multi-year IT offshoring agreement with ArcelorMittal, a Fortune Global 100 company. Under this agreement, MindTree will deliver IT services to ArcelorMittal's Western European operations in partnership with Sopra Group who is an incumbent provider to ArcelorMittal.

In this program, MindTree will partner with ArcelorMittal to consolidate current sub-contractor activities with an objective to increase cost efficiencies, flexibility and service levels.

Commenting on the partnership, Krishnakumar Natarajan, CEO MindTree Ltd. Said, "The framework agreement with ArcelorMittal is strategic to MindTree and represents an important milestone in our journey towards MindTree 2.0. It reflects the confidence and trust which global corporations are placing in MindTree as a trusted partner for their enterprise transformation efforts."

About MindTree Limited

MindTree Limited is a global IT and R&D Services Company co-headquartered in the U.S. and India. With a passion for customer satisfaction, MindTree partners with its clients to create a transparent, value-based relationship. Our domain experts deliver business-enabling solutions by leveraging a consulting led, framework-based and IP-driven approach. MindTree's IT Services business provides a range of services to CIOs across a variety of industry segments. Our R&D Services business works with Technology companies to help build innovative products by providing Product Realization services.

MindTree was named among the Top 30 offshore service providers by the International Association of Outsourcing Professionals and Fortune Magazine. Widely known for its focus on human capital development, MindTree has been consistently rated among the most admired employers by several industry surveys, including Hewitt Associates and Mercer/TNS, and is also the winner of the MAKE Award for knowledge management. MindTree has been selected as one of the Top 25 companies for good Corporate Governance practices. MindTree is publicly listed in India. Please visit us at www.mindtree.com.

About ArcelorMittal

ArcelorMittal is the world's number one steel company, with 310,000 employees in more than 60 countries. ArcelorMittal is the leader in all major global markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. An industrial presence in 28 European, Asian, African and American countries exposes the company to all the key steel markets, from emerging to mature, positions it will be looking to develop in the high-growth Chinese and Indian markets.

ArcelorMittal key unaudited financials for 2007 show revenues of USD 105.2 billion, with a crude steel production of 116 million tonnes, representing around 10 percent of world steel output.

ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MTP), Brussels (MTBL), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).

Safe Harbor

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause our actual results to differ materially from those in such forward-looking statements. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

For more information, contact:

 

Joe King

MindTree Limited

Ph: 908-604-8080, ext. 2560

joe_king@mindtree.com

 

Jay Russo

LVA Communications

Ph: 860-739-5598

jay@lva.com