Tuesday, September 6, 2011

TCS bids $500 mln for Lufthansa IT unit - report

On Tuesday 6 September 2011, 9:40 AM

NEW DELHI (Reuters) - Tata Consultancy Services, India's biggest software services exporter, has put in a $500-million bid to buy a controlling stake in the information technology 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.

(Writing by Devidutta Tripathy; Editing by Ranjit Gangadharan)

Source: http://in.finance.yahoo.com/news/TCS-bids-500-mln-Lufthansa-IT-reuters-4186885654.html

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