Engineering research and development services company L&T Technology Services (LTTS) announces that it has recently won a deal worth $45 million from a United States-based automotive firm.
The information was revealed while the company was announcing its quarterly;y results this week. The deal is a five-year agreement that will allow LTTS to work with customers to develop and deliver cutting-edge solutions using its expertise in e-mobility technology.
The company will be able to offer better services to customers under its electric vehicle portfolio with this $$5 million deal. According to LTTS, it will have over 300 engineers work from the Krakow R&D center located in Poland in the coming three years to expand further into the European market.
CEO and Managing Director of LTTS, Amit Chadha, said, “We have been investing in Electric, Autonomous and Connected Vehicle (EACV) as part of our six big bets and our engineers have developed several new scalable e-mobility solutions that can accelerate global automotive players’ EV development journey. This landmark deal reinforces that our strategic investment is paying off and establishes LTTS’ dominant position in the EACV landscape.”
He further mentioned that the Krakow R&D center would operate as a nearshore center to Western European and North American clientele across verticals. Moreover, the company has also signed a $10 million contract with TCV as LTTS mentioned its revenue from the technology sector stood at 56% in the last quarter.
LTTS has already hired more than 1900 trainees in the previous two quarters, marking the company’s confidence in its future growth. LTTS plans to have a workforce of over 20000 by the end of the third quarter of this year. “In three quarters in FY 22, we have taken on 3,000 trainees,” added Chadha.