Bangalore: On Monday i.e. March 29, 2010, Teamlease Services, India's largest temporary staffing company, announced the acquisition of a majority stake in the Indian Institute of Job Training (IIJT) in order to add training to employment.
In a press release, it was mentioned that 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. Moreover, Teamlease has an option to take full ownership of the company at a future date. IIJT is India's leading vocational training providers with a national network of over 250 centres and a capacity of one lakh concurrent students in courses that include sales, retail, finance, accounting and ICT.
Manish Sabharwal, Chairman, Teamlease Services, said that this acquisition builds on their belief that quality supply creates its own demand and the ability to repair interview rejects creates substantial operating leverage. IIJT not only plugs a gap in the products demanded by job seekers, employees and clients, but also substantially expands the national employment footprint. Innovation lies at the intersection of employment and employability and this acquisition allows Teamlease to help accelerate India's various labour market transitions by taking training to people and people to jobs.
Furthermore, Devesh Srivasthava, Chairman of IIJT, said that IIJT has been the fastest growing vocational training company in India over the last few years. But, taking things to the next level required a partner that brought an employment ecosystem, because vocational training consumers 'students and parents' are increasingly demanding employment outcomes. As India's largest staffing company, Teamlease was a logical partner.
