- News>
- ICE Economy
NIIT technologies spin-off by June: CEO
New Delhi, Nov 10: The scheme of arrangement for the spin-off of NIIT`s software division is expected to be implemented from June 2004, company CEO Vijay Thadani said today.
New Delhi, Nov 10: The scheme of arrangement for the spin-off of NIIT's software division is expected to be implemented from June 2004, company CEO Vijay Thadani said today.
"We hope that by the end of this year, the scheme will be in place and after that over the next six months, we will have all the necessary regulatory approvals from stock exchanges, registrar of companies, high court and RBI," he told newspersons on the sidelines of the opening of the NIIT Technologies' seventh development facility here.
"The scheme of arrangement will be implemented from June this year," he said. He did not name the consultants who are working out the scheme.
NIIT Technologies would have greater flexibility as well as acquisition currency to create innovative strategic alliances, he added.
"We would be open to equity stake, strategic alliances from our customers," Thadani said.
Last month, the company's board of directors approved a proposal to spin off global solutions business into a separate company after segregation of knowledge solutions business. After that, each of the two companies will have a sharper focus on their specific business.
NIIT Technologies today opened its seventh development Centre in Delhi which a capacity of 300 professionals. The company's workforce of software professionals in Delhi has now gone up to 2100.
Arvind Thakur, the president of NIIT's software division, said the company currently has a total strength of 2300 professionals. Over the next six months, the company would add 100 professionals each in Bangalore and Kolkata centres.
NIIT Technologies is looking at manufacturing as a new vertical even though it has identified retail, insurance and airlines as major thrust areas, he said.
The purpose of the proposed restructuring is to accelerate growth in two businesses, education and software, Pawar said.
NIIT posted a 178 per cent rise in its consolidated net profit for quarter ended September 30, 2003 to Rs 3.8 crore.
IT services contributed Rs 141.4 crore and learning business contributed Rs 123.6 crore. Bureau Report
"The scheme of arrangement will be implemented from June this year," he said. He did not name the consultants who are working out the scheme.
NIIT Technologies would have greater flexibility as well as acquisition currency to create innovative strategic alliances, he added.
"We would be open to equity stake, strategic alliances from our customers," Thadani said.
Last month, the company's board of directors approved a proposal to spin off global solutions business into a separate company after segregation of knowledge solutions business. After that, each of the two companies will have a sharper focus on their specific business.
NIIT Technologies today opened its seventh development Centre in Delhi which a capacity of 300 professionals. The company's workforce of software professionals in Delhi has now gone up to 2100.
Arvind Thakur, the president of NIIT's software division, said the company currently has a total strength of 2300 professionals. Over the next six months, the company would add 100 professionals each in Bangalore and Kolkata centres.
NIIT Technologies is looking at manufacturing as a new vertical even though it has identified retail, insurance and airlines as major thrust areas, he said.
The purpose of the proposed restructuring is to accelerate growth in two businesses, education and software, Pawar said.
NIIT posted a 178 per cent rise in its consolidated net profit for quarter ended September 30, 2003 to Rs 3.8 crore.
IT services contributed Rs 141.4 crore and learning business contributed Rs 123.6 crore. Bureau Report