HCL Infosystems Ltd has terminated the business transfer agreement to sell its Digischool business to Chennai-based Everest Edusys and Solutions Pvt. Ltd.
The deal is terminated on account of material breach of the terms of the business transfer agreement by Everest Edusys and Solutions, HCL Infosystems said in a stock-exchange disclosure.
In April last year, HCL Infosystems said its wholly owned unit HCL Learning Ltd will sell its Digischool business to Everest Edusys and Solutions in a transaction that will give it a 33% stake in the education company.
The transaction was expected to be completed in September 2017.
HCL Infosystemsâ Digischool business sells software licences for educational content to K-12 schools.
Everest Edusysâ flagship brand QED (Quest Explore Discover) provides science education through interactive methods. It sets up interactive exhibit centres, called QED Labs, at schools to provide experiment-based hands-on science learning for students.
Recent deals by HCL Infosystems
Earlier this week, HCL Infosystems received board approval to sell its Dubai-based subsidiary to financial firm Axis Investment Inc for $1.12 million (Rs 7.3 crore).
In February, it agreed to sell HCL Services Ltd to Karvy Data Management Services Ltd for $16.79 million (Rs 108 crore). The deal includes tax refunds of Rs 87 crore.
In January, it agreed to sell HCL Computing Products Ltd to business service provider Quess Corp for $4.7 million (Rs 30 crore). HCL Computing provides after-sales services for mobile phones, consumer electronics and consumer durables.