As an integral part of this association, L&T Technology Services will have a core team that will support and work closely with AkzoNobel's projects and engineering teams.
Engineering firm Larsen & Toubro 's (L&T) technology services arm has bagged a contract from AkzoNobel to provide technical assistance and reduce capital expenditure.
"L&T Technology Services has been selected by AkzoNobel to provide technical services in a move to further drive engineering excellence and cut back costs in its capex," a release issued here said.
L&T Technology Services will provide engineering services for capex projects by executing non IP-sensitive engineering activities in front-end engineering design and in the detailed design phase, it said.
In addition to this, L&T will also provide access to a large vendor network and support shortening of project lead times.
"L&T Technology Services will use AkzoNobel's systems, tools and methods to provide engineering services in order to safeguard the quality and incorporation of the latter's engineering and health, safety and environment (HSE) standards," the release said.
"We are happy to provide technical support to AkzoNobel. We look forward to closely work together to further align our engineering standards, tools and work processes and execute pilot projects in the next few months," L&T Technology Services Chief Executive Keshab Panda said.
As an integral part of this association, L&T Technology Services will have a core team that will support and work closely with AkzoNobel's projects and engineering teams.
Commenting on the association, AkzoNobel's Head of Supply Chain, Research and Development, David Allen said, "In L&T Technology Services we have found a competent and an experienced engineering company with a global presence.
We are confident to execute our capital projects safely, reliably and more efficiently with them."
Larsen stock price
On July 16, 2014, Larsen and Toubro closed at Rs 1658.40, up Rs 24.95, or 1.53 percent. The 52-week high of the share was Rs 1774.70 and the 52-week low was Rs 678.10.
The company's trailing 12-month (TTM) EPS was at Rs 61.44 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 26.99. The latest book value of the company is Rs 272.45 per share. At current value, the price-to-book value of the company is 6.09.
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