DBT Bureau
Bengaluru, 2 May
Engineering services company, L&T Technology Services (LTTS) on Thursday said it has won a contract worth around €45 million (about $48 million at the current exchange rate) from European automotive parts manufacturer and supplier Forvia.
The deal under which LTTS will execute engineering development activities for Forvia’s clean mobility division will be 5 years long. As part of the agreement, around 300 engineers from FORVIA’s Augsburg (Germany) and Bangalore (India) sites, have been transferred to LTTS.
These teams will develop internal combustion engine-related engineering activities from within LTTS. Such a rebadging deal will see engineers transferred to LTTS getting trained and reskilled.
“A key part of the agreement is the capacity given by FORVIA to LTTS to train and reskill these engineers who, supported by the LTTS Global Engineering Academy, will be repositioned over time to work in other fields within the LTTS commercial network,” the company said in an exchange filing.
FORVIA is working on ultra-low emissions in the automotive space while ensuring high-quality engineering support and providing opportunities for maintaining employment.
“Our collaboration with FORVIA underscores our proficiency in the transportation and automotive industry, while simultaneously reinforcing our dedication to spearheading progress in the field of traditional engine technologies and new-age digital transformation for ultra-low emissions and clean mobility. This groundbreaking partnership serves as a testament to our sophisticated capabilities, enabling FORVIA to maintain and strengthen its industry leadership,” Amit Chadha, CEO and Managing Director of L&T Technology Services said.
Commenting on the partnership, Patrick Koller, CEO of FORVIA said, ”This strategic partnership shows how we are committed to protecting our leadership in the ultra-low emission business and employee interests in a changing environment. As one of the world’s leading engineering service providers, LTTS is the ideal partner to ensure FORVIA secures key competences in the energy transition context.”
LTTS had won several large deals in FY24. In the quarter ended March, the company said it had signed one $100 million, one $30 million, and two deals each of $20 million and $10 million. The engineering services firm’s $100 million deal from Maharashtra State Cyber Department last quarter is considered as one of its kind in the Indian market.
