L&T Technology Services announces CoE in Mysore to offer automotive solutions on AWS

L&T Technology Services | CMP: Rs 3,687.95 | The scrip ended in the red after research firm Nomura initiated coverage on the stock with a ‘reduce’ rating. The Japanese research firm Nomura has initiated coverage on the stock with a reduced rating and has a target price of Rs 3,050 per share, a downside of around 20 percent from the current market price. According to Nomura, global engineering research & development (ER&D) total spending was $1.3 trillion in CY21, and expects the Everest Group to record a compound annual growth rate (CAGR) of around 6.6 percent over CY21-24E, led by digital engineering services (12.4 percent CAGR) as enterprises continue to revamp products, services and processes.

L&T Technology Services (LTTS) on Thursday announced a new Centre of Excellence (CoE) in Mysore, Karnataka, that leverages the power of the cloud with Amazon Web Services (AWS).

The CoE will allow L&T Technology Services to transition its suite of technologies focused on the future of mobility and reduce time-to-market for end customers. ”By leveraging AWS infrastructure, LTTS will provide an opportunity to use AWS to support the automotive domain,” according to a release.

Backed by its engineering domain expertise in Electric, Autonomous, and Connected Vehicles (EACV), LTTS has been helping original equipment manufacturers (OEMs) to develop next-generation vehicles and aircraft that have tailored solutions focused on safety and security.

”The new CoE will leverage LTTS’ cross-disciplinary skillsets covering embedded, mechanical, and digital facets of engineering,” the release added. LTTS has been actively working with global technology companies like AWS to bring digital engineering solutions to end customers on the cloud.

AnnotAI, Connected Cars, and SafeX are some of the LTTS solutions that will be deployed in AWS marketplace to optimise research and development innovation on the cloud to create technology solutions. Amit Chadha, CEO and Managing Director of L&T Technology Services, said by working with AWS, LTTS can help global automotive organisations realise the full potential of high-performance and scalable technologies built on an agile AWS cloud infrastructure.

”EACV is the first of our six big bets that are helping global automotive players accelerate their technological development journey towards an autonomous and sustainable future built on the highest considerations of security and safety,” Chadha said.

Puneet Chandok, President of Commercial Business of AWS – India and South Asia, noted that digital transformation in the automotive industry is accelerating, in many cases driven by innovative solutions coming from AWS partners.

”LTTS’ digital engineering offerings will help our joint customers realise the benefits of moving to the cloud, such as reduced time-to-market, increased business value and accelerated pace of digital innovation. With the launch of the new Centre of Excellence in India, LTTS will enable customers and OEM with a broader range of services and solutions to support their digital transformation journeys,” Chandok added.