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TCS bids $500 mn for Lufthansa IT unit

TCS bids $500 mn for Lufthansa IT unit
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First Published: Tue, Sep 06 2011. 03 24 PM IST
Updated: Tue, Sep 06 2011. 03 24 PM IST
New Delhi: Tata Consultancy Services (TCS), India’s biggest software services exporter, has put in a $500 million bid to buy a controlling stake in the information technology (IT) unit of German flagship airline Lufthansa, the Economic Times reported on Tuesday.
TCS is also in talks to negotiate a multi-year contract from Lufthansa that could add revenues of more than $2 billion for the company, the newspaper’s sister television channel cited unnamed people familiar with the bidding process as saying.
Credit Suisse is advising TCS on its bid for Lufthansa IT unit, the paper said. Both TCS and Lufthansa declined comment, the paper said.
Lufthansa is close to selling a majority of Lufthansa Systems, publication Manager Magazin reported last month.
The two remaining bidders are IBM and Indian conglomerate Tata Group, the magazine had reported.
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First Published: Tue, Sep 06 2011. 03 24 PM IST
More Topics: TCS | Lufthansa | Credit Suisse | IBM | Manager Magazin |