TeamLease acquired a majority stake in vocational training provider Indian Institute of Job Training (IIJT) in March 2010.The acquisition which was completed almost a year later with the buyout of the remaining stake, has created a network of over 250 centres that would offer training and employment services catering to a capacity of 1 lakh concurrent students in courses that include sales, retail, finance, accounting and IT.
The deal was completed by a combination of buying out existing shareholders (founders and Tiger Capital Management) and induction of new capital into the company.
As stated by Manish Sabharwal, our company Chairman "TeamLease is a people supply chain company whose major constraint has been that un-employability is a bigger problem than unemployment. This acquisition builds on our belief that quality supply creates its own demand and the ability to repair our interview rejects creates substantial operating leverage. IIJT not only plugs a gap in our products demanded by job seekers, employees and clients but also substantially expands our national employment footprint. “
The IIJT acquisition will help TeamLease extend an integrated offering of Hiring, Hygiene and Productivity to its corporate client base of over 1,400 companies. We intend to invest 75 cr. in this business over a two year period.
For more details, please visit our blog at: http://www.teamleaseiijt.com/articles--videos.html