HCL Tech bags $50 mn contract from UK-based Meggitt

Software company HCL Technologies today said it has received a contract worth around Rs 231 crore from UK-based defence equipment maker Meggitt for providing engineering services.

Meggitt signs $50 million (around Rs 231 crore) global engineering transformation services agreement with the company's engineering and R&D services (HCL ERS) division, HCL Technologies said in a filing to the Bombay Stock Exchange.

"HCL integrates the right capabilities and business models to ensure organisations such as Meggitt establish a competitive advantage," HCL ERS Senior VP and Global Head of Sales & Practice Sandeep Kishore said.

HCL was selected based on its understanding of Meggitt’s business challenges and proven track record of partnering with large aerospace and manufacturing companies on highly complex engineering development programmes.

"This strategic initiative will help us respond to the current economic environment while successfully positioning us for future growth," Meggitt’s Chief Executive Terry Twigger said.

Meggitt PLC is an international group operating in North America, Europe and Asia, known for its specialised extreme environment engineering. Meggitt is a world leader in civil and military aerospace equipment, sensing systems, combat support and defence systems training.

Shares of HCL Technologies were trading at Rs 342.10 on BSE, up 3.73 per cent from previous close.