Shares of L&T Technology Services Ltd (LTTS) were trading flat on 2 May despite the company announcing signing a €45 million partnership deal with FORVIA. 

In its regulatory filing, the company said that it had signed a €45 million partnership deal with automotive supplier FORVIA for engineering development activities for the latter’s clean mobility segment for five years. 

As a part of this agreement, around 300 engineers from FORVIA’s Augsburg and Bangalore sites have been transferred to the company. This represents a 95% transfer success rate, securing the skills of these teams who will develop internal combustion engine-related engineering activities from within LTTS.  

The filing added, “With LTTS at the helm, these engineers continue their activities for FORVIA from their current locations, guaranteeing seamless collaboration and ongoing support for end customers across Digital PLM initiatives.”

FORVIA is addressing the evolving automotive landscape on ultra-low emissions while ensuring high-quality engineering support and providing opportunities for maintaining employment. 

The partnership will not only secure the career trajectory of these employees but also empower them with exposure to the company’s extensive portfolio, enriching their skill sets for future endeavours.

At 12:45 pm, the shares of L&T Technology were trading 0.12% higher at Rs 4,645.80 on NSE.