L&T Technology Services
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| Formerly | L&T Integrated Engineering Services |
|---|---|
| Company type | Public subsidiary |
| NSE: LTTS BSE: 540115 | |
| ISIN | INE010V01017 |
| Industry | Engineering, Technology |
| Founded | 2009 |
Area served | Worldwide |
Key people |
|
| Revenue |  US$488 million (2017) |
| US$63 million (2017)[2] | |
Number of employees | 10,223 (June 2017) |
| Parent | Larsen & Toubro |
| Subsidiaries | Esencia |
| Website | www |
L&T Technology Services (LTTS) is a multi-national publicly-traded subsidiary of the Indian-based conglomerate Larsen & Toubro (L&T).[3][4] The research and development engineering services firm also has offices in Edison, New Jersey,[5] and Munich,[6] as well as a subsidiary Esencia that is based in San Jose, California.[7] As of 2016,[8] it is traded in at least two of India’s stock exchanges, the National Stock Exchange and the Bombay Stock Exchange.
History
L&T Technology Services was founded in 2009 as L&T Integrated Engineering Services. In its first year, the company generated $70 million in revenue. Initially, it only operated as the engineering arm of the larger publicly-traded L&T conglomerate.[3] By 2013, the company had become part of an effort to split the parent company “into nine verticals and six subsidiaries”, of which this was one.[9][10] It began to expand its engineering services as a developer of new technology solutions for other companies under a new name L&T Technology Services (LTTS).[3]
In September 2016, LTTS had its initial public offering in the National Stock Exchange, making it the second L&T subsidiary to go public after the listing of L&T Infotech a few months before.[11][12] As of August 2017, A. M. Naik, the current group chairman of the parent company, also serves as chairman of the subsidiary until his announced retirement in October 2017.[10][8] LTTS is also headed by Keshab Panda the CEO and managing director[3] and vice chairman S.N. Subrahmanyan, who also serves as vice chairman, CEO, and managing director of the parent company.[13][14]
In 2017, L&T Technology developed a set of personal safety gear that is based on cloud-enabled technologies. The system includes a set of “helmets, gloves, jackets and shoes that have sensors capturing [the wearers] performance, and sending it to a centralized database on the cloud.”[15]
In June 2017, L&T Technology completed the $27 million acquisition of the Esencia, a San Jose, California-based engineering firm involved in development of “wireless connectivity solutions, perceptual computing, Internet of Things and advanced silicon products”.[7][16] In July, the company was one of a total of 48 that were upgraded to Group A of the Bombay Stock Exchange, “the most tracked segment” which consists of about 300 selected stocks.[17]
References
- ^ "Board Of Directors". L&T Technology Services.
- ^ L&T Technology Services Limited (LTTS) posts FY17 results
- ^ a b c d Alvares, Clifford (2017-02-03). "Corporate: On The Road Less Taken". BW Businessworld. Retrieved 2017-09-26.
- ^ Ganguly, Dibeyendu (2017-05-16). "Digital Age: Companies invest in young leaders". The Economic Times. Retrieved 2017-09-26.
- ^ Sood, Jayshal (2017-05-18). "Top 10 Indian, Indian American owned companies that are h-1b dependent". The American Bazaar. Retrieved 2017-09-26.
- ^ Sangani, Priyanka (2017-03-23). "L&T Technology Services opens center in Munich". The Economic Times. Retrieved 2017-09-26.
- ^ a b "L&T Technology Services completes Esencia acquisition". Outlook India. 2017-06-01. Retrieved 2017-09-26.
- ^ a b PTI (2017-08-23). "Western protectionism fears more media hype than actual: A M Naik". The Economic Times. Retrieved 2017-09-26.
- ^ Shaker, S (2013-08-22). "L&T to focus on engineering services with new entity". The Hindu Business Line. Retrieved 2017-09-26.
- ^ a b Gupta, Ashish (2016-04-05). "Naik's successor". Fortune India. Retrieved 2017-09-26.
- ^ "L&T Technology IPO subscribed 2.5 times". The Economic Times. 2016-09-16. Retrieved 2017-09-26.
- ^ Mudgill, Amit (2016-09-23). "L&T Technology lists at Rs 920, up 7% over issue price". The Economic Times. Retrieved 2017-09-26.
- ^ Alvares, Clifford (20 September 2017). "'What I Inherited Is Today 12% Of L&T; The Other 88% I Have Created'". BW Businessworld. Retrieved 2018-01-12.
- ^ Alvares, Clifford (20 September 2017). "L&T: The Ambidextrous Architect". BW Businessworld. Retrieved 2018-01-12.
- ^ Pramanik, Ayan (2017-05-15). "Chatbots and more: How Indian IT is using automation to service customers". Business Standard India. Retrieved 2017-09-26.
- ^ Mandavia, Megha (2017-07-25). "L&T Tech Q1 profit falls 9% on weak margins". The Economic Times. Retrieved 2017-09-26.
- ^ PTI (2017-07-14). "BSE to add 48 companies to Group `A from July 17". India Today. Retrieved 2017-09-26.