BusinessWire IndiaNew Delhi [India], May 25: Following the reorganisation plan announced during Q3 FY22 results in Jan 2022, the Board of NIIT Limited today announced that Corporate Learning Business undertaking has been transferred to NIIT Learning Systems Limited (NLSL) upon the Composite Scheme of Arrangement becoming effective as on May 24, 2023. Going forward, NIIT Limited will continue to focus on and operate the SkillsCareers business, whereas NLSL would operate the Corporate Learning 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. Subsequently NLSL would also get listed on BSE/NSE post requisite regulatory approvals. This demerger recognizes the distinct market dynamics, customer segments, product offerings, and growth trajectories of each business. It provides sharper focus, simplified decision-making, focussed allocation of growth capital and enhanced agility, creating significant value for stakeholders in each of these businesses. Speaking on the demerger Rajendra Singh Pawar, ChairmanCo-Founder, NIIT Group said, "We are excited about the profound impact we aim to make in the realm of global talent development." NIIT Limited: SkillsCareers Business As NIIT Ltd, with a solid 41 years of track record, reaffirms its commitment to talent transformation to equip the workforce to cope with the rapidly changing environment, 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. 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 SkillsCareers 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.
NIIT Limited Board has been strengthened over the last two years with appointment of Avani Davda, Founding CEO-Tata Starbucks, Strategic Advisor at BainCompany and of Ravindra Babu Garikipati, Ex-Chief Technology Officer at Flipkart, Independent Director at Axis Asset Management. Recently, Srikanth Velamakanni, Founder and CEO of Fractal AI, India's first unicorn in AI and a prominent provider of Artificial Intelligence Solutions to Fortune 500 companies, has also joined the board as an Independent Director. "This strategic milestone of creating two focussed companies marks apivotal moment in our growth journey," said Vijay K Thadani, Vice ChairmanMD and Co-Founder, NIIT Group. NIIT Learning Systems Limited: Corporate Learning Business 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. With a team of over 2400 world class learning professionals, it has won over 400 industry awards and is ranked among the Top 5 Learning Outsourcing Companies worldwide. The Board of NLSL 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. Given NLSL's track record and its strong balance sheet there is a unique opportunity to become a global leader. Speaking on the announcement, Sapnesh Lalla, CEO and Executive Director, NLSL, said "The demerger empowers the newly created NIIT Learning Systems Ltd. to sharply focus its management team and capital on the significant opportunities emerging in the Learning Outsourcing space and achieve global market leadership."(Disclaimer: The above press release has been provided by BusinessWire India. ANI will not be responsible in any way for the content of the same)