Microsoft India and L-;T partners to develop regulated sector cloud offering, stock dips 2%

7 Feb 2022 , 11:37 AM

Larsen & Toubro Ltd. (L&T) and Microsoft India, announced the two companies have signed a Memorandum of Understanding (MoU) to develop a regulated sector-focused cloud offering to empower customers with the best-in-class cloud computing and infrastructure services. In line with emerging regulations, L&T and Microsoft will be associated with a defined set of large customers in regulated sectors to develop architectures and roadmaps to modernize their traditional data centers to potentially hybrid models and advance their digital transformation goals.

Under the MoU, the two industry leaders will set up a joint governance group to define future platform designs, investments, and commercial/business models to service the regulated sectors’ emerging technology requirements. Senior leadership teams of both the organizations will be engaged collectively on this as the association evolves.

Mr. S.N. Subrahmanyan, CEO & MD of Larsen & Toubro said, “India is at the cusp of enormous cloud adoption, as innovation, scale and agility become critical determinants for enterprises grow and compete globally. Our partnership with Microsoft aims to accelerate hybrid cloud transition for large customers in regulated sectors, while maintaining the highest benchmarks of compliance, security, and governance. As enablers of India’s digital transformation vision, our ambition is to support organizations in their journey to become digital natives and future ready businesses.”

As per the existing terms, said MoU will be focused on engaging customers in the Indian markets, with the potential for extension in other markets as well in the future. The two companies will consider possible partnership structures to continue to collaborate for executing this MoU.

“The government’s drive for ‘Digital India’ and the unprecedented digital momentum across the country has led to a recalibration of the cloud infrastructure requirements. Microsoft is excited to collaborate with L&T to support the public sector and the other regulated industries as they seek to accelerate digital services to benefit all parts of India. This partnership will enable development of a scalable cloud infrastructure model for these sectors to accelerate their digital innovation, in alignment with the data location and security needs of India,” Talking about the MoU, Mr. Anant Maheshwari, President, Microsoft India, commented.

Larsen & Toubro Ltd is currently trading at Rs1,901.30 down by Rs46.75 or 2.4% from its previous closing of Rs1,948.05. The scrip opened at Rs1,940 and has touched an intraday high and low of Rs1,946.30 and Rs1,893.65 respectively.