L&T Technology Services inks €45 Million deal with French automaker Forvia
Upstox
2 min read • Updated: May 2, 2024, 5:04 PM
Summary
L&T Technology Services (LTTS) has secured a €45 million partnership with French auto giant Forvia, focusing on clean mobility initiatives. This five-year deal involves engineering services provided by LTTS, with 300 engineers from Forvia's German and Indian facilities transferred to LTTS. This collaboration aims to ensure seamless continuity for customers and further advancements in clean mobility solutions.
L&T Technology Services (LTTS) on Thursday said it has entered into a partnership worth 45 million euros with French automobile company Forvia "for the benefit of clean mobility divisions" of the two firms.
The five-year partnership, which is valued at approximately 45 million euros, will deliver engineering services for Forvia, LTTS said in a statement. Under the agreement, about 300 engineers from Forvia's Augsburg (Germany) and Bengaluru (India) sites have already been transferred to LTTS. These teams will develop internal combustion engine related activities within LTTS.
The company said these engineers will continue their activities for Forvia from their current locations, "guaranteeing seamless collaboration and ongoing support for end customers across Digital PLM (product lifecycle management) initiatives".
LTTS will train and reskill these engineers who will be repositioned over time to work in other fields within the LTTS commercial network.
Shares of LTTS closed 0.15% lower at ₹4,633 on NSE on 2 May, 2024.
About LTTS
L&T Technology Services is an Indian multinational technology company that provides engineering research and development services, headquartered in Vadodara. The CEO of the company is Mr. Amit Chadha. The organisation was founded on 14 June 2012 with the current employee strength of 23,812 as on March 2024.
With inputs from PTI