New Delhi, May 25: In line with the reorganisation plan outlined by it, the Board of NIIT Ltd has announced that the Corporate Learning Business undertaking has been transferred to NIIT Learning Systems Ltd (NLSL) with composite scheme of arrangement becoming effective as on May 24, 2023.
NIIT Ltd will continue to focus on and operate the Skills and Careers business, while NLSL would operate the Corporate Learning Business, according to a statement.
NIIT Ltd has completed demerger of Corporate Learning Business into NIIT Learning Systems Ltd, the statement said, adding that the demerger recognises the distinct market dynamics, customer segments, product offerings, and growth trajectories of each business.
“Consequent to the demerger, each shareholder of NIIT Limited would be allotted one share of NLSL for each share of NIIT Limited held by them on the Record Date, which has been fixed as June 8, 2023,” it said.
Subsequently NLSL would also get listed on the bourses – BSE/NSE after requisite regulatory approvals.
“We are excited about the profound impact we aim to make in the realm of global talent development,” Rajendra Singh Pawar, Chairman and Co-Founder of NIIT Group said.
NIIT Ltd underlined its commitment to talent transformation to equip the workforce to cope with the rapidly changing environment, and said it will enlarge its ambit to include a wider range of industry sectors undergoing rapid transformation.
“The company will build further on its scalable industry-grade NIIT Digital platform, developed and refined over the last two decades, and step-up innovation in immersive and hybrid models of learning, using multidisciplinary technologies,” it said.
With Rajendra S Pawar becoming Executive Chairperson of NIIT, all the three Founders have taken up executive roles in NIIT Limited to steer the company during this phase of transformation.
“The landscape for the Skills and Careers business is undergoing massive disruption, with radical shifts in business models coupled with near-term uncertainty in the environment.
“The Founders along with the strong and tenured management team bring significant experience and expertise in the business, having steered the company through similar situations over four decades,” the statement said.
NIIT Learning Systems Limited (NLSL) offers Managed Training Services to Fortune 1000 corporations across North America and Europe. The business has over 80 global customers that it services in over 30 countries.
The Board of NLSL has appointed Sapnesh Lalla as CEO and Executive Director. He will focus on accelerating growth for the company and creating more value for its customers.
The Learning Outsourcing market is underpenetrated and offers significant headroom for growth, the statement said and added that given NLSL’s track record and its strong balance sheet there is a unique opportunity to become a global leader. (PTI)
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