Bangalore: India's largest IT services firm Tata Consultancy Services is leading the race to acquire the IT subsidiary of the German airline Lufthansa. Lufthansa Systems is looking to divest 51% stake. IBM is also in the fray, a German magazine stated in its report on August 18. Lufthansa Systems, which counts players like British Airways among its customers , provides IT solutions for customers ranging from the aviation sector to media and healthcare.
A majority of its customers though are from the aviation industry. Lufthansa Systems reported revenues of around $850 million in 2010 which has been declining for the past three years. It also ran into turbulence on profitability last year and it is in the midst of a restructuring and cost-cutting exercise. Headquartered in Germany, Lufthansa Systems has offices in 16 other countries and employs around 3,000 people. The company provides IT services for Lufthansa group companies and for external customers. According to the report in Manager Magazine, the talks are nearing finalisation.
20/08/11 Economic Times
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