Larsen & Toubro subsidiary, L&T Technology Services (LTTS), has signed a five-year deal worth over $50 million with one of the world’s top energy companies. The global engineering and technology company announced that it will act as the exclusive global engineering partner for the client’s Enterprise Data and Digital Services under its Sustainability segment.
The partnership has been formalised as a long-term framework agreement, giving LTTS increased responsibility in providing high-quality and reliable digital services.
Focus on sustainability and operational excellence
Speaking about the deal, Amit Chadha, CEO and Managing Director of LTTS, said, “This large deal win in our Sustainability segment with a leading energy major has been possible due to LTTS’ unique credentials, which include enabling over 600 major plants across the globe. By combining our proven track record in plant engineering with state-of-the-art new-age technologies, we will support the client in their digital transformation while enhancing overall operational excellence.”
This deal is part of a long-standing relationship between LTTS and the client, which has lasted for more than ten years.
Earlier this month, L&T Tech inked a strategic agreement with Tennant Company to advance sustainable new product development.
L&T Technology Services is a listed subsidiary of Larsen & Toubro and is known for its design, development, testing, and maintenance services in engineering. It works with 69 Fortune 500 companies and 57 top engineering R&D firms across sectors such as medical devices, transportation, telecom, and industrial products.
L&T Tech share price
The share price of L&T Technology Services (LTTS) has seen a sharp decline over the past year, losing almost 10 per cent. Today, the stock opened higher than its previous close, rising nearly 0.7 per cent till 1:22 PM.