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L&T Infotech has acquired Information Systems Resource Centre (ISRC), the Pune-based software export unit of Otis Elevator Co. ISRC provides IT services to the various companies of the Otis Group across the world.
“This (the deal) allows UTC Building and Industrial Systems’ IT organisation to focus on supporting the company’s core businesses, while allowing ISRC and its employees to grow and serve its customers under the new ownership,” Omar Fathi, Vice-President, Information Technology, UTC Building & Industrial Systems, said in a statement.
Fine print Otis Elevator Co, said to be the world’s largest manufacturer of moving walkways, is part of UTC Building and Industrial Systems. The acquirer, which is a wholly-owned subsidiary of the engineering conglomerate Larsen and Toubro (L&T), has two key vendor facilities to serve UTC Building & Industrial Systems in Mumbai.
Financial details of the transaction were not disclosed. Shares of L&T ended 0.59 per cent higher to close at ₹1576.2 on the Bombay Stock Exchange on Tuesday.
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