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L&T Technology Services has secured a $100 million multi-year agreement with a US-based industrial manufacturer in the semiconductor segment.
LTTS is a subsidiary of Larsen & Toubro that provides end-to-end consulting services to companies across sectors like telecommunications, medical devices, transportation etc.
The deets: under the partnership LTTS will establish a Centre of Excellence (CoE) dedicated to support innovation, simplify platforms, and help clients shift towards digital and AI-powered operations.
Besides, the deal would also involve LTTS supporting the client through new product development, value engineering, and sustenance engineering and related support around semiconductor production.
Big picture: this deal is significant as it not only solidifies India’s position as a top tech consulting hub but also puts the country at the forefront in the semiconductor race. India’s management consultancy services is also rapidly growing at 12.9% and is expected to reach a valuation of $15.25 billion by 2025.
Amid stiff competition from China, Taiwan and USA, this move will also help gain international trust in developing a robust and sustainable semiconductor ecosystem.
