L&T Technology Services secures €50M deal with European auto manufacturer

L&T Technology Services (LTTS) has announced a €50 million ($54 million or around Rs 460 crore) deal with a European automotive original equipment manufacturer (OEM), a mid-sized engineering and technology services company. The duration of the agreement or the name of the company was not disclosed. The Larsen & Toubro (L&T) subsidiary said it will create a new development facility to take advantage of the client's software-defined vehicle (SDV) and advanced driver-assistance system (ADAS) capabilities.

The announcement came just two months after LTTS announced an $80 million, multi-year agreement with a US-based industrial products manufacturer.After the announcement, LTTS shares rose even more than 2%, with a price of around Rs 4,574 per share at midday on Tuesday, despite BSE Sensex being down over 1.8%.

“The latest large deal engagement focuses on the development and operation of next-generation software platforms tailored to both current and upcoming vehicle models. The comprehensive scope of this transformational deal includes the establishment of a development centre, which will play a critical role as part of the client’s global right shoring strategy,” the company said in a statement.

The client’s advanced technology stack includes a unified architecture, a proprietary operating system, and an automotive cloud, it added.

“We are thrilled to collaborate with one of the most influential automotive leaders in Europe,” said Amit Chadha, chief executive & managing director at LTTS.