Talent development company NIIT Ltd on Tuesday (September 12) highlighted the company's strategic shift towards exploring new sectors to address evolving skill needs in the job market.

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In an interview with CNBC-TV18, Rajendra Singh Pawar, the chairman and co-founder of NIIT Group, "We don't see a very big uptake in new jobs in the near term. But we see the need for change in skills. We are looking for the horizon for new sectors that are emerging in this country right now."

"I think India is poised for growth on a number of dimensions. So we are looking at newer sectors where we will be making offerings, and that's the work in progress at this point in time. I think the most interesting part is the role of AI," he said.

Expounding on NIIT's strategy, Pawar explained, “We are looking at diversification, look at new emerging areas where talent is acquired. And those ideas are now beginning to be put into action.

So you look at new fields like - look at the whole new manufacturing area, look at design as an area that's not new, but I think everybody is looking at those areas, you look at engineering R&D as an area, look at supply chain, so on the horizon are many areas where India will be seeking talent in large scale.”

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These sectors represent the new frontier where India will seek large-scale talent, and the company aims to be at the forefront and this diversification will be a game-changer.

NIIT Group has set an ambitious target of achieving revenues of Rs 1,200 crore by FY27-28. Pawar elaborated, saying, "Our confidence stems from the belief that the IT sector will continue to grow, albeit not at the same pace as before, primarily due to the focus on reskilling as a critical priority."

Regarding the financial aspect, Pawar disclosed that the company currently holds over Rs 700 crore in cash reserves, a portion of which is earmarked for potential mergers and acquisitions (M&A).

He emphasized the auspicious timing for M&A activities and stated, "Our robust capital reserves position us favorably for strategic M&A endeavors. However, it's worth noting that the allocation of capital will also be directed towards nurturing organic growth in these emerging sectors, creating a balanced approach to our future endeavors."

The stock has seen a rise of close to about 20 percent in today’s trade. Shares have gained more than 50 percent in the past month.

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