Educomp Solutions Ltd. announced the selling of its entire 50 percent stake in the vocational training business IndiaCan to its JV partner Pearson, the publishing and education services company.
IndiaCan is a 50:50 joint venture between Educomp and Pearson that started in 2009 to focus on the vocational training market in India.
Educomp Chairman and MD Shantanu Prakash said, "Exiting IndiaCan is in line with our stated consolidation strategy and business transformation agenda, which is to focus on (I) digital content and IP offering and (ii) asset-backed offerings like schools and colleges. As part of agenda to focus on core business, we are successfully making one more divestment and thus saving the company from the need of funding the losses and other capital needs of a non-core business. We will continue to move ahead swiftly on our business transformation agenda, in the quarter ahead."
At the BSE, Educomp Solutions closed Tuesday's trading at Rs.58, down 3.49 percent from the previous close.
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