NIIT, a leading global talent development corporation and Asia’s largest IT trainer, has divested entire holding in its non-operating, wholly owned subsidiary company Neo Multimedia (formally known as NIIT Multimedia) to Earth Infrastructures and its nominees for a total consideration of $7.3 million, the company informed the exchanges.
Consequently, the nominee directors of the company had resigned from their posts in Neo Multimedia. The company’s board of directors gave the approval for divestment of the entire shareholding in their meeting held on February 28, 2011. In the same meeting, the board had further authorised the officials of the company to negotiate and execute the share purchase agreement and take all necessary steps in this regard.
NIIT is a leading provider of global information technology (IT) learning solutions. It offers training solutions in areas of IT, business process outsourcing (BPO), banking, finance and insurance, executive management education and communication and professional life skills. The company operates the largest learning content development facility in the world, with the capacity of reaching 5 million learners every year.
While NIIT has sold off its multimedia division, its closest domestic comparable Aptech is only scaling its multimedia division – Arena Multimedia. The company, which began as a leading provider of computer education programmes and animation courses, has now unleashed a new brand identity for itself – to become a career education company than just an IT education provider. With Arena Multimedia, the company has about 80 per cent market share for its animation business.