Germany's Covestro, a world-leading manufacturer of high-tech polymer materials, has chosen L&T Technology Services Limited (NSE: LTTS), as one of its major engineering services partners to implement digitalization based Engineering Programs across Covestro's global locations. L&T Technology Services, a global leading pureplay ER&D services company, has been awarded a multi-million dollar contract by Covestro to execute these engineering transformational programs.
Covestro is running a digitalization program for engineering, operations and maintenance activities: "OSI2020" (Optimized System Integration). Within this program, L&T Technology Services has been selected as the engineering partner to drive digital transformation across Covestro's 8 global locations, especially in the area of data migration.
Covestro has also embarked upon another strategic initiative to harmonize their Global Engineering Standards & Practices to increase efficiency of Capital Investment Projects. LTTS is the preferred partner to assist Covestro in defining, developing and maintaining these standards in line with global practices. This will include updating & improving engineering standards & specifications backed up with knowledge management & cognitive learning tools.
"L&T Technology Services has a proven track record of delivering innovative solutions, processes, and technologies for enterprises across the globe. We are confident that the potential and experience of LTTS will enable us to incorporate solutions to deliver the implementation of Digital Transformation and Standards Harmonization. Their engineering experience in executing global projects will help Covestro to achieve the best-in-class Standards to execute projects. Our objective is to be prepared by having a comprehensive contract defining the full scope of work, meeting the requirement for different project phases and execution strategies such as FEL3, EPCM, EPC, etc. With these initiatives, we will optimize our project costs, timelines to ensure reliable and safe operations," commented Ferry Feldbrugge, Head of Global Projects & Engineering and Global Technical Contracting, at Covestro.
"It is our privilege to enter into this engineering partnership with Covestro, the world's leading supplier of high-tech polymer materials, and work with them on solutions that will benefit Covestro's strategic vision. These programs will drive Covestro's digital transformation and standardization journey across the globe. We look forward to leveraging our unique technology capabilities and our domain expertise in plant engineering and asset management to assist Covestro in achieving its objectives of Efficient Production and Engineering Excellence," said Amit Chadha, President Sales & Business Development and Member of the Board, at L&T Technology Services Limited.
Shares of L&T Technology Services Ltd was last trading in BSE at Rs.1182.4 as compared to the previous close of Rs. 1201.45. The total number of shares traded during the day was 5040 in over 596 trades.
The stock hit an intraday high of Rs. 1217.9 and intraday low of 1175. The net turnover during the day was Rs. 6009722.