Updated February 28th, 2024 at 18:53 IST

LTIMindtree partners with IBM for Quantum Innovation Ecosystem

This makes LTIMindtree the first Indian Global System Integrator (GSI) to join the IBM Quantum Network.

Reported by: Business Desk
IBM | Image:X Photo
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Collaboration for Quantum: American technology major IBM has partnered with LTIMindtree for joining the IBM Quantum Network, the company said on Wednesday.

As part of the collaboration, LTIMindtree will also partner with the Indian Institute of Technology (IIT) Madras, an IBM Quantum Innovation Center, for joint quantum research and workforce development.

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Mumbai-headquartered IT services company LTIMindtree is the IT services arm of the L&T Group.

The partnership will enable quantum computing innovation for LTIMindtree across industries. The IT company will also have access to IBM’s global fleet of quantum computing systems over the cloud, software, and associated expertise.

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Aan Chauhan, Chief Technology Officer, LTIMindtree said the collaborations with IBM and IIT Madras are an important step towards a future where quantum computing could help solve more complex problems faster and more efficiently. Importantly,

LTIMindtree plans to establish a series of long-term projects, including applied research toward business and societal problems, quantum computing workshops, and research grants to nurture a new generation of quantum computing professionals and researchers at the company. 
Scott Crowder, Vice President of IBM Quantum Adoption and Business Development said they are looking forward to providing technology support for LTIMindtree’s joint research and educational engagements with IIT Madras, which marks their first IBM Quantum Innovation Center in India.

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LTIMindtree’s market cap is Rs 1,60,125 crore. The company saw a 0.6 per cent sequential rise in profits at Rs 1,169 crore in the third quarter of this fiscal in December, up from Rs 1,162 crore in the September quarter.

The revenue for the company was up 1.2 per cent quarter-on-quarter at Rs 90,166 crore in the December quarter, up from 89,054 crore in the September quarter.

Shares for the company closed 0.66 per cent lower at Rs 5406.65 as on February 28, 2024.

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Published February 28th, 2024 at 18:53 IST