Mumbai: Tata Industries, an investment arm of the Tata Group, is selling its e-learning solutions outfit to Noida-based publishing technology and services company MPS for Rs 80 crore. The sale is part of Tata Group’s strategy to streamline its diverse portfolio by exiting small, not so profitable, and non-core businesses.
Tata Industries had offered the e-learning division Tata Interactive Systems (TIS) to TCS — which also has a play in digital learning — but, the software behemoth was not interested in the asset. The Tata Group investment arm then sought an external buyer for TIS.
Founded in 1991, TIS pioneered e-learning in the country. In 2006, it acquired Tertia Edusoft in Germany and Switzerland, expanding its business outside India. The sale transaction with MPS, earlier known as Macmillan Publishing, is subject to approvals from Falta Special Economic Zone with regard to the transfer of TIS’ Kolkata unit as well as from German Federal Ministry of Economics and Energy in connection to TIS’ overseas arm.
In fiscal 2017, TIS had reported consolidated revenues of Rs 140 crore. Recently, TIS’ CEO Nirav Khambhati left the unit to join Kaizen Private Equity as a partner.
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