L&T Technology Services wins $60 mn deal from US telecom firm
L&T Technology Services
(
LTTS
) on Saturday said it has won a multi-year contract worth $60 million (~₹510 crore) from a prominent US-based
wireless telecoms services
provider.
'This strategic engagement will see LTTS delivering
advanced network software development
and application engineering solutions,' LTTS said in a regulatory filing.
Under the terms of the deal, LTTS said it will provide crucial engineering services, including R&D lab integration, new product development, and functionality testing for the customer's network software automation platforms.
Additionally, LTTS will establish a delivery center in the United States to support and enhance project delivery. 'The engagement will leverage LTTS' capabilities in Smart World Connectivity and
next generation networks
to drive cutting-edge innovations for the client,' the company said.
LTTS said it aims to expand its service offerings for the customers by integrating AI-powered test automation platforms to streamline new product development and enhance operational efficiency.
'This new agreement in our Tech segment with such a prestigious telecommunications leader reinforces our longstanding relationship and shared vision in next-generation communications, network automation, and AI,' said
Amit Chadha
, CEO & MD, L&T Technology Services.
'By leveraging our Smart World connectivity solutions along with our extensive expertise in enterprise 5G rollouts and telecom innovations, we are proud to contribute toward achieving the client's strategic goals,' he added.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
2 minutes ago
- Indian Express
US, China officials to hold trade talks in Stockholm: What to expect?
Senior officials from the United States and China will meet in Stockholm today to discuss trade and economic issues, in what both sides describe as a step toward easing tensions. US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng will be meeting for the third time this year, nearly four months after President Donald Trump proposed sweeping tariffs, including an import tax of up to 145% on Chinese goods. The meeting is also expected to lay the groundwork for a potential meeting between Trump and Chinese President Xi Jinping later this year. The planned meeting in the Swedish capital is part of broader efforts by both countries to stabilise a relationship that has been strained by trade disputes, technology competition, and geopolitical rivalry. While officials have kept the agenda under wraps, it is expected, as per AP, that the discussions will cover: This could be the first real opportunity for the two governments to address structural reform issues including market access in China for US companies, said Sean Stein, president of the US-China Business Council, as per AP. The US imposed a 20% tariff on fentanyl-related products earlier this year. China responded with a 10% tariff on US goods. In July, China placed two fentanyl precursor chemicals under enhanced control. Gabriel Wildau, managing director at the consultancy Teneo, said major relief is unlikely. 'It's possible that Trump would cancel the 20% tariff that he has explicitly linked with fentanyl… but I would expect the final tariff level on China to be at least as high as the 15–20% rate contained in the recent deals with Japan, Indonesia, Vietnam.' A key concern for Washington is China's industrial overcapacity. 'Right now, many companies, especially in manufacturing, feel quite deeply that China's manufacturing capacity is so strong, and the Chinese people are incredibly diligent,' Chinese Premier Li Qiang said on Thursday, as per Bloomberg News. 'Factories run 24 hours a day.' The US is expected to pressure China on reducing oil purchases from Russia and Iran. The Stockholm talks will be 'geared towards building a trade agreement based around Chinese purchase commitments and pledges of investment in the US in exchange for partial relief from US tariffs and export controls,' Wildau said, as per AP. (With inputs from AP)
Time of India
16 minutes ago
- Time of India
BGO and Aditya Birla Sun Life AMC invest ₹350 crore in Namo Realtech to fuel real estate expansion
Real estate credit platform of BGO, a global real estate investment management advisor and Aditya Birla Sun Life AMC has invested Rs 350 crore in debt to NCR-based Namo Realtech to fund its expansion in the real estate sector. Namo Realtech is currently executing 2 projects in collaboration with Max Estates , spread over 30 acres with approximately 6.4 million square feet under development. The company holds an additional land bank, and is in the process of acquiring further land assets on which it intends to collaborate with established developers. Explore courses from Top Institutes in Please select course: Select a Course Category Design Thinking Others MBA Data Analytics Public Policy CXO others Management Artificial Intelligence Degree PGDM Data Science MCA Project Management Cybersecurity healthcare Technology Healthcare Finance Data Science Operations Management Product Management Digital Marketing Leadership Skills you'll gain: Duration: 22 Weeks IIM Indore CERT-IIMI DTAI Async India Starts on undefined Get Details 'India's residential market continues to show strong potential, and this transaction reflects our confidence in its sustained growth,' said Bharat Khanna, Head of India at BGO. The platform has committed to 9 projects across 5 cities focusing on post approval projects with established real estate partners. 'India's real estate sector has seen an increasing transformation in recent years with the help of government initiatives like GST and RERA. The funding is a testament to our shared vision of supporting high-value projects and driving long-term value creation,' said A Balasubramanian, Managing Director & CEO, Aditya Birla Sun Life AMC Ltd. With the Namo Realtech deal, the platform has committed USD $100 Million across 10 deals with 7.8 million sqft of area under management. The platform targets to achieve USD 1 Billion of deployed capital under this strategy by 2028. AZB & Partners, Quantum and Trilegal acted as advisors on the transaction. Namo Realtech plans to launch its next project, a premium residential project in Gurgaon in collaboration with Max Estates. 'As we continue to scale, this investment will allow us to accelerate our future plans with regard to new projects that are already in the pipeline and at fairly advanced stages of discussion with other potential collaborators,' said Mohit Jain, Managing Director at Namo Realtech. Mohit Jain, was responsible for establishing Krisumi Corporation in India in a Joint Venture with Sumitomo Corporation of Japan. Aditya Birla Capital Limited and Sun Life (India) AMC Investments Inc. are the promoters and major shareholders of Aditya Birla Sun Life AMC Limited (ABSLAMC), which is primarily the investment manager of Aditya Birla Sun Life Mutual Fund.
&w=3840&q=100)
Business Standard
32 minutes ago
- Business Standard
Explained: What is the new 15% US-EU tariff deal and what does it cover?
US President Donald Trump and European Commission President Ursula von der Leyen on Sunday, July 27, announced a wide-ranging trade agreement that imposes a 15 per cent tariff on most European imports into the US. The deal, which was finalised during a brief meeting at Trump's Turnberry golf resort in Scotland, averted the looming threat of a 30 per cent tariff that was set to take effect on August 1. While the headline tariff rate is fixed at 15 per cent, many of the agreement's finer details are still unclear. The deal includes zero tariffs on select 'strategic goods' such as aircraft and aircraft parts, certain chemicals, semiconductor equipment, some agricultural products, and critical raw materials. However, pharmaceuticals, steel, and some farm goods remain outside the scope of this agreement. What is not included in the deal? While the agreement removes immediate tariff threats, several issues remain unresolved. Trump confirmed that the existing 50 per cent US tariff on imported steel will stay in place. Talks will continue on setting steel import quotas and reducing overcapacity in the global market. Pharmaceuticals were not included in this agreement. Von der Leyen clarified that those discussions are ongoing, separate from Sunday's deal. Tariffs on some EU agricultural products also remain unchanged, but with no clear indication of which items are excluded. What impact will the agreement have? The 15 per cent tariff is a significant increase from the pre-Trump average US tariff of about 1 per cent on European goods and above the 10 per cent baseline tariff applied during negotiations. For European exporters, the impact could be considerable as many companies will face the difficult choice of either passing the cost on to US consumers or absorbing losses. The earlier 10 per cent tariff was already enough to prompt the European Commission to slash its growth forecast from 1.3 per cent to 0.9 per cent. Now, with 15 per cent, German industry leaders warn of 'immense negative effects' on export-reliant sectors. Von der Leyen defended the deal, calling it 'the best we could do' and noting that it secures continued access to the US market and brings a degree of stability. How are different sectors reacting, especially carmakers? The car industry, which was gearing for a 30 per cent tariff, sees the 15 per cent rate as a relief. Von der Leyen pointed out that the new rate is significantly lower than the current 27.5 per cent tariff on cars from all countries — which includes Trump's 25 per cent tariff and the pre-existing 2.5 per cent US auto tariff. Still, European automakers remain under pressure. Volkswagen revealed it had already lost $1.5 billion in profits in the first half of the year due to higher US tariffs. Mercedes-Benz, which produces a significant share of its US-sold vehicles in Alabama, said price hikes are likely for future model years. What were the key issues dividing the two sides? Before Trump's presidency, US-EU tariffs were relatively low. According to the Brussels-based Bruegel think tank, the US averaged a 1.47 per cent tariff on European goods, while the EU imposed 1.35 per cent on American products, Associated Press reported. Trump frequently criticised the $235 billion US merchandise trade deficit with the EU, calling the European market unfair — particularly in the automotive sector. However, the EU argues that the US enjoys a substantial surplus in services like cloud computing, travel, and financial services, which helps offset the imbalance. Despite Trump's stance that the EU 'was formed to screw the United States', both sides have recognised the need to preserve their trading relationship. With $2 trillion in annual commerce, the US and EU form the world's largest bilateral trading bloc. How did the deal come together? The last-minute breakthrough came just days before the US deadline to impose new tariffs. Trump and von der Leyen held brief talks at Trump's golf resort in Scotland, joined by top EU trade officials. Commerce Secretary Howard Lutnick said the August 1 deadline was firm. 'No extensions, no more grace periods,' he said. Yet he said that Trump remained open to future dialogue. The EU had prepared its own list of retaliatory tariffs targeting hundreds of US goods, including beef, auto parts, beer, and even Boeing aircraft. Without a deal, everything from French cheese to German electronics could have become more expensive for American consumers. What are the concerns going forward? While the agreement avoided an immediate trade war, analysts caution that the deal remains vague in parts. 'There is nothing on paper, yet,' said ING's global chief of macro Carsten Brzeski. He warned that the lack of formal documentation makes enforcement and interpretation difficult. German Chancellor Friedrich Merz praised the outcome for preserving 'core interests' but expressed disappointment that deeper tariff relief wasn't achieved. (With agency inputs)
