Information technology services and solutions provider L&T Infotech, a wholly-owned subsidiary of $14.3 billion Larsen & Toubro (L&T), has acquired Pune-based Information Systems Resource Centre Pvt. Ltd. (ISRC) for an undisclosed amount, as per a stock market disclosure.
ISRC was a subsidiary of leading elevator manufacturer, Otis Elevator Co, part of UTC Buildings and Industrial systems, a unit of United Technologies Corp.
"As a major IT supplier, L&T Infotech plans to leverage the technology capability and experience of ISRC in order to enhance its value-add to UTC," said V K Magapu, managing director, L&T Infotech.
L&T Infotech has two key vendor facilities in Mumbai serving UTC Building & Industrial Systems, as well as a team of professionals serving various divisions of UTC.
"This allows UTC Building & 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," said Omar Fathi, vice president, Information Technology, UTC Building and Industrial Systems.
ISRC is an IT enabler for many core business functions within Otis and UTC companies.
(Edited by Joby Puthuparampil Johnson)