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NIIT to spin-off software biz
October 24, 2003 16:52 IST
The board of directors of NIIT, which met on Friday, has approved the proposal to create a new software company by carving out the global solutions business out of the company.
According to a release issued to the Bombay Stock Exchange, the plan will be implemented after appropriate segregation of the knowledge solutions business, and authorised the preparation of a scheme of arrangement.
"The changes/adjustments in the assets and liabilities of NIIT resulting from the scheme of arrangement, in accordance with provisions of Sections 391 to 394 of Companies Act, 1956, will be recorded in the books of accounts of NIIT when the scheme becomes effective," the release said.Rajendra Pawar, chairman of NIIT, said: "The purpose of the proposed restructuring is to accelerate growth in the two businesses -- education and software."