European luxury car manufacturer BMW Group has awarded L&T Technology Services Limited (LTTS) a five-year, multi-million dollar contract to provide high-end engineering services for the company's suite of infotainment consoles intended for its hybrid family vehicles. While the announcement would have made the stock trade in the green, the market meltdown led to the global pure-play engineering services provider's stock dipping over three percent in intraday trade on Monday. At 11:10 am, the stock was down 2.94 percent from its previous close and was trading at Rs 3,562.00 apiece on BSE.
The firm said it managed to bag the contract due to its extensive domain knowledge, engineering leadership in transportation technology, and shown capacity to provide special chances to scale up existing projects and work on new ones.
As per the deal, LTTS engineers would offer BMW software development and integration services, infotainment system validation, and defect management.
For the family of hybrid electric vehicles and the suite of infotainment consoles offered by the BMW Group, LTTS has an existing Near Shore Center that offers engineering and R&D services. Because of their proximity to the campus of the BMW Group, LTTS experts will be able to work on a range of solutions and provide services immediately, the firm said.
“Our transportation engineering services enable leading OEMs to build innovative and sustainable vehicles and achieve faster market time using new digital technologies,” said Abhishek Sinha, Chief Operating Officer and Board Member, L&T Technology Services.
(With PTI inputs)
