Forvia and L&T T echnology Services agree Strategic Partnership

L&T Technology Services (BSE: 540115, NSE: LTTS), a leading global player in Engineering and R&D services, and FORVIA, 7th global automotive supplier, signed a strategic partnership - which represents a contract of approximately €45 million - on Engineering development activities for the benefit of its Clean Mobility division.

As part of this five-year partnership, approximately 300 engineers from FORVIA's Augsburg (Germany) and Bangalore (India) sites, have transferred to LTTS. This represents a 95% transfer success rate securing the skills of these teams who will develop internal combustion engine related engineering activities from within LTTS.

With LTTS at the helm, these engineers continue their activities for FORVIA from their current locations, guaranteeing seamless collaboration and ongoing support for end customers across Digital PLM initiatives. FORVIA is addressing the evolving automotive landscape on ultra-low emissions while ensuring high-quality engineering support and providing opportunities for maintaining employment.

The partnership will deliver engineering services for FORVIA. Additionally, not only will it secure the career path of transferred employees, but it will also enrich their skillsets with exposure to LTTS' extensive portfolio. 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.

"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," stated Amit Chadha, CEO and Managing Director of L&T Technology Services. This groundbreaking partnership serves as a testament to our sophisticated capabilities, enabling FORVIA to maintain and strengthen its industry leadership."

"L&T Technology Services is a company that shares our commitment to innovation and quality. This strategic partnership shows how we are committed to protect 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." said Patrick Koller, CEO of FORVIA.

Shares of L&T Technology Services Limited was last trading in BSE at Rs. 4572.10 as compared to the previous close of Rs. 4624.55. The total number of shares traded during the day was 18314 in over 3804 trades.

The stock hit an intraday high of Rs. 4660.85 and intraday low of 4551.25. The net turnover during the day was Rs. 84148621.00.

Source : Equity Bulls

Keywords

LandTTechnologyServices INE010V01017 LTTS StrategicPartnership FORIVA