Schindler partners L&T Tech for digital, engg transformation.

Switzerland-based Schindler has selected L&T Technology Services (LTTS) as one of its key partners to provide innovative digital engineering capabilities.

According to the agreement, L&T Technology Services will provide product development, innovation and engineering services & solutions that will help Schindler to accelerate its digitization and connectivity initiatives.

Karl Heinz Bauer, the chief technology officer (CTO) of Schindler, said: "As a global player in the elevator and escalator industry, we leverage the new digital technologies to introduce best-in-class solutions to our customers. We look forward to the synergies arising from our future collaboration with LTTS."

Prabhakar Shetty, the Global Head of Digital Manufacturing Services at L&T Technology Services, stated: "Innovations such as digital twin technology, build to automation, and the advancements in wireless connectivity are accelerating Industry 4.0 adoption. Schindler is a pioneer in the elevator & escalator industry and through this alliance, we commit to supporting Schindler in matching new-age innovations with traditional engineering."

Shares of LTTS were down 0.23% at Rs. 1,841. The announcement was made before market hours today, 14 December 2020.

LTTS' consolidated net profit slipped 19.4% to Rs. 166.30 crore on 6.3% decrease in net sales to Rs 1,313.80 crore in Q2 September 2020 over Q2 September 2019.

LTTS, a listed subsidiary of L&T, offers consultancy, design, development and testing services across the product and process development life cycle.

BS