LTTS inks €45 million deal with European auto parts supplier Forvia

Indian IT services firm L&T Technology Services Limited (LTTS) announced on Thursday a significant partnership agreement valued at €45 million ($48 million) deal with Forvia, a European automotive supplier, to undertake engineering development activities in the clean mobility sector.

The five-year deal, disclosed in a filing to the stock exchange, sees approximately 300 engineers from Forvia's sites in Augsburg, Germany, and Bengaluru, India, transition to LTTS, achieving an impressive 95% transfer success rate.

According to LTTS, these skilled teams will maintain their operational bases while collaborating seamlessly with LTTS on internal combustion engine-related engineering projects, ensuring uninterrupted support for end customers across Digital PLM initiatives.

The collaboration primarily focuses on engineering development within Forvia's clean mobility division, securing the career trajectory of the transferred professionals and providing them exposure to LTTS' extensive portfolio to enhance their skill sets for future endeavours. Central to the agreement is Forvia's commitment to providing capacity to LTTS for the training and reskilling of these engineers.

Through the resources of the LTTS Global Engineering Academy, these professionals will undergo strategic repositioning over time, aligning with diverse fields within LTTS' expansive commercial network.

Amit Chadha, MD and CEO of L&T Technology Services, said, "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."

On April 25, the company released its financial outcomes for the fourth quarter ending on March 31, 2024, demonstrating robust growth. During this period, the company achieved a revenue of ₹25,375 million, marking a 7% increase year-on-year (YoY) and a 5% increase quarter-on-quarter (QoQ). When considering USD revenue, the numbers reached $305.1 million, indicating growth of 6.3% YoY and 5.1% QoQ in constant currency. This performance highlights the company's consistent expansion and resilience in the market.