NIIT to sell entire NIS Sparta stake

MUMBAI: Indian software services and training firm NIIT Ltd. said on Tuesday

it will sell its 76 per cent stake in subsidiary NIS Sparta Ltd. to New

Delhi-based consulting firm IQL for Rs 97 million ($2.1 million).

NIS, which was set up in 1992 to deliver sales training to individuals,

accounts for 1.5 per cent of NIIT's revenue, it said. NIIT said in a statement

the move was part of its strategy to focus on core businesses. "The change

in NIS business focus from retail sales training to change management in

corporations leaves little synergy between the businesses of the two

companies," the statement said. The remaining 24 per cent stake in NIS

Sparta is held by employees and an employee stock option trust. NIIT said the

sales valuation was arrived at by Deloitte Haskins & Sells.

NIIT shares closed 5.18 per cent down at Rs 721.45 at the Bombay Stock

Exchange on Tuesday, after being over 10 per cent down in the morning. The

benchmark exchange index ended 1.35 per cent down.

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