The Competition Commission of India (CCI) on Friday said that it has approved the acquisition of up to 66.15 percent of the total equity shareholding of Mindtree by Larsen and Toubro Limited (L&T).

"@CCI_India approves acquisition of up to 66.15 percent of the total equity shareholding of Mindtree Limited, on a fully diluted basis, by Larsen and Toubro Limited," the CCI said in a tweet.

Earlier Mindtree had decided not to proceed with its proposal to buy back its shares after infrastructure major Larson and Toubro made an open offer to acquire 31 percent of equity capital for Rs 3,050 crore.

The Mumbai-based L&T had bought 20.4 percent shares in Mindtree for Rs 3,300 crore at Rs 980 per share from Coffee Day Enterprise owner V.G. Siddhartha on March 18.