L&T Technology Services (LTTS) has announced a significant multi-year deal worth $80 million with a US-based manufacturer of industrial products and solutions. The partnership aims to accelerate the client's digital transformation journey through the implementation of connected products and digital thread technologies. This strategic move positions LTTS at the forefront of driving innovation at scale in the engineering services sector.
Innovation hub establishment
As a key component of the agreement, LTTS will establish a specialized Centre of Excellence (CoE) in India. This facility will serve as a global innovation hub, supporting the client's digital transformation initiatives and comprehensive product lifecycle management (PLM). The center is expected to play a crucial role in facilitating the client's transformation while expanding their global footprint in emerging digital technologies.
Leadership vision and market impact
Amit Chadha, CEO and Managing Director of L&T Technology Services and Nasscom executive council member, emphasized the company's capability to drive sustainable end-to-end digital transformation for global leaders. The company's approach combines AI-powered insights, digitally connected solutions, and business-driven automation with their deep engineering expertise to enable faster market delivery of high-quality products.
Market response and company profile
The announcement had a significant impact on LTTS's stock performance, with shares rising as much as 4.65% to reach an intraday high of ₹5,358.95. With a market capitalization of ₹55,753.58 crore, LTTS continues to strengthen its position as a global leader in engineering and technology services, serving 69 Fortune 500 companies and maintaining operations across 25 countries.
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