ICICI Bank Picks Up 20% Stake in Indian Computer Training Firm NIIT (IBN)

| About: ICICI Bank (IBN)
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NIIT has announced that ICICI Bank (NYSE:IBN) has agreed to subscribe to the share capital of NIIT Institute of Finance, Banking and Insurance Training to the extent of Rs 9.50 million, or 19% of the paid-up capital (source: MyIris). NIIT is especially proficient when it comes to providing training in finance, banking and insurance.

With this deal, ICICI has made a strategic investment in a company which will serve the dual purpose of investment for gains in the future as well as helping fulfill its requirements for skilled employees. NIIT is a leader in India in terms of private computer training from basic to advance software training and its courses are recognized by industry leaders like Microsoft (NASDAQ:MSFT) and Infosys (NASDAQ:INFY). This new company will focus on areas of technology based learning services and proficiency assessment and recruitment testing services. With demand for skilled manpower growing daily, this company has a good future as companies generally try to outsource their recruitment work and are more comfortable hiring a trained employee then an untrained one.

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