L-;T Technologies clinches multi-year deal from BMW Group in infotainment domain; stock slips ~2%

29 Aug 2022 , 10:27 AM

L&T Technology Services Limited, a leading global pure-play engineering services company, announced that it has won a multi-million-dollar 5-year contract from European luxury vehicle maker BMW Group to provide high-end engineering services for the company’s suite of infotainment consoles aimed at its hybrid vehicle family.

The major contract was awarded to LTTS due to its deep domain understanding and engineering leadership in transportation technology, as well as its demonstrated ability to offer unique options to scale up existing projects and expand to new ones.

The LTTS engineering team will provide services like software development and integration, infotainment validation, and defect management.

LTTS already has a Near Shore Center that provides engineering and R&D services for the BMW Group’s suite of infotainment consoles and hybrid electric vehicle family.

Because of its closeness to the BMW Group campus, LTTS engineers will be able to work on a range of solutions and provide services in real-time.

At around 10.32 AM, L&T Technology Services was trading at Rs3,585.35 per piece, down by 2.27% from its previous closing of Rs3,668.65 on the BSE. The scrip opened at Rs3,477 and touched intraday high and low of Rs3,599 and Rs3,477 respectively.

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