L&T Technology Services (LTTS), a construction giant Larsen & Toubro subsidiary, has agreed to acquire the Smart World & Communication (SWC) business from its parent company for Rs 800 crore.

SWC is a connected smart solutions provider interested in communications, security and smart solutions, and cybersecurity. LTTS said in a regulatory update that it would use its cash reserves to fund the deal, which is expected to close within three months.

It has more than 700 engineers from various technical fields and had a revenue of Rs 1,098 crore in FY22.

It added that the move would enable LTTS to combine synergies to bring products in next-generation communications, sustainable space and cybersecurity to the global market.

With 5G expected to have a global impact of $1.3 trillion by 2030, these companies are “better positioned” to win and execute large-scale transformational initiatives in India and globally, it said.

Together, LTTS and SWC will address the larger $390 billion global market for sustainable spaces. It added that the combined teams of LTTS and SWC would provide a security operations centre, complete lifecycle threat management and address the needs of an estimated $376 billion cybersecurity market.