/ciol/media/agency_attachments/c0E28gS06GM3VmrXNw5G.png)
Follow UsBANGALORE: Asia's largest IT trainer, NIIT has decided to spin off its software business in to a separate entity. NIIT Chairman Rajendra S Pawar said, "The purpose of the proposed restructuring is to accelerate growth in the two-business, education and software.'' The Board of NIIT Ltd has also approved the proposal and plan to name the new entity NIIT Technologies Limited.
The new company would be headed by Arvind Thakur and his team will include the Presidents of software subsidiaries, NIIT SmartServe and NIIT GIS Limited and the three recently acquired companies, AD Solutions, Germany, DEI, USA and Osprey Systems, USA.
''This step will help us realise our aspiration of scaling our business in chosen segments leading to integrated service offerings in IT Services and BPO,'' said Thakur.
On the education front, the company acquired e-Gurucool and launched a training program exclusively for the BPO sector, Planetworkz.
The company reported revenues of Rs 271.4 crore for the quarter ended September 30, 2003 representing an increase of 12 per cent over previous year revenues of Rs 243.1 crore. While IT Services contributed Rs 141.4 crore, global learning business contributed revenues of Rs 123.6 crore.
International business contributed 68 per cent or Rs 185.2 crore of NIIT's latest quarterly revenue and the balance 32 per cent or Rs 86.2 crore came from India. Vijay K. Thadani, Chief Executive Officer, NIIT said, ''The turnaround strategy resulted in both businesses surpassing their respective industry growth. This coupled with specific cost control efforts have led to 12 month net profit of Rs 3.9 crore.''