L&T Technology Services, the wholly owned subsidiary of USD 14.3 billion Larsen & Toubro today, announced the intent to acquire the assets of U.S. based Dell product and process innovation services, the engineering services division of Dell.

The competition commission of India (CCI) has approved the proposed transaction. The company is awaiting US regulatory approvals which are expected shortly.

Commenting on the transaction, Keshab Panda, chief executive of L&T Technology Services said, ''Product engineering is undergoing structural shifts with evolving technologies, shorter development cycles, regulatory demands, and a shortage of skilled talent. This is tremendous opportunity for us to have strong local presence in North America where a majority of our clients are based. That along with Dell Engineering Services' strong expertise in Embedded, and mechanical design and analysis and a history of successful relationships in North America will help us ride the next level of growth.''

Shares of the company gained Rs 24.8, or 1.75%, to trade at Rs 1,439.45. The total volume of shares traded was 57,515 at the BSE (10.03 a.m., Wednesday).