Indian staffing firm TeamLease announced that it has executed a share purchase agreement for selling its entire shareholding in IIJT Education.

With this sale, IIJT Education ceases to be a wholly owned subsidiary of the company. The sale will not have an adverse impact on the operations of TeamLease.

The company completed the formalities of the share purchase agreement on 3 December 2021.

IIJT, a vocational training institute, was founded in 2006 and became a part of TeamLease in 2010.

Last month TeamLease reported standalone revenue from operations (net of taxes) of INR 13.33 billion (USD 138.3 million), up 29.6% year-over-year for its fiscal second quarter ended 30 September 2021.