Intel to pick up stake in NIIT

By agencies   |   Friday, 13 May 2005, 19:30 IST
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NEW DELHI:Intel Capital, the investment arm of the semiconductor giant Intel is picking up a 10 percent stake in IT education major NIIT. Intel Capital will invest about $10 million to acquire the 10 percent stake in the demerged training unit of NIIT. Intel has been associated with NIIT for past several years, as both have together launched several training initiative. However both companies neither denied nor confirmed the deal, however, if market sources are to be believed, Intel Capital is moving ahead and may announce the deal soon. Intel and NIIT have launched several joint initiative to enhance the use of technology assisted learning in Indian schools and also announced an target of doubling the number of Indian schools benefiting from computer aided education to 80,000 by 2010. The IT education major will use the proceeds of the financing to expand its domestic and international business and meet its capex needs of the current year. It had announced its intent to raise funds from overseas markets in the beginning of the year.