Bengaluru, NFAPost: L&T Technology Services arm of construction major Larsen and Toubro (L&T) bagged a $45-million (Rs 335 crore) deal from a US-based automotive firm to provide engineering services for its electric vehicles (EV).
“The 5-year deal envisages strategic partnership with the tier-1 auto firm to deliver solutions from our ER&D centre at Krakow in Poland,” said the Vadodara-based company in a statement on Wednesday.
The engineering and research and development (ER&D) centre will have 300 engineers over the next 3 years to execute the deal by leveraging the customer’s e-mobility technology competence.
“We have been investing in electric, autonomous and connected vehicle (EACV) and our engineers have developed scalable e-mobility solutions to accelerate automotive players’ EV development journey,” said the company’s chief executive Officer Amit Chadha.
The deal also reinforces the company’s investment in the EACV landscape. “The Krakow centre will also serve as a nearshore facility to our Western European and North American clientele across verticals,” said Amit Chadha.
Focused on ER&D services, the 10-year-old listed firm offers consultancy, design, development and testing services across the product and process development life cycle.
Its customer base includes 69 Fortune 500 firms and 57 of the world’s leading ER&D companies across industrial products, medical devices, transportation, telecom & hi-tech and process industries.
It has 20,100 employees in 17 design centres, 28 sales offices and 79 innovation labs the world over.
For the third quarter (October-December) of this fiscal (2021-22), the company posted Rs 249 crore net profit and Rs 1,688 crore revenue. Net profit grew 20% and revenue 34% annually over the previous fiscal./eom/270 words.