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| Core Projects ventures into higher education |
| Kalpana Pathak / Mumbai Nov 29, 2010, 00:29 IST |
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Joins Everonn and Educomp with education plans; eyes global alliance.
Core Projects and Technologies Limited, an education service provider company, will set up a university in Hyderabad next year.
The company, which is in talks with six North-American and British Universities for a partnership, will set up the first phase on 50 acres of land at the cost of Rs 200 crore.
Core Projects has acquired 194 acres of land for Rs 130 crore for the university at Gadchiroli, Andhra Pradesh, in close vicinity of the Indian School of Business (ISB).
“If India has to reap demographic dividends over the next few decades, there will have to be nationwide availability of reputed higher education institutions that deliver high quality post graduate courses in various professions. Our foray into higher education will be driven by this national need and will be supplemented by our technological expertise and our intimate relationships with American and British Institutions of Higher Learning,” Sanjeev Mansotra, CMD Core Projects and Technologies.
Core says its collaboration with an international institute will help it build a seamless campus in India. While infrastructure would be provided by Core, the campus would be that of a foreign university. The company is awaiting the Parliamentary nod to the Foreign Educational Institutions (Regulation of Entry and Operations) Bill.
Ernst & Young, a professional services organizations, is drawing up the plan for the company.
“By February 2011 we would be clear who will be our partners. The campus will be up and running by March 2012,” added Mansotra.
The university, to begin with, will offer professional courses like post graduate diploma in management, hospitality and computer application and engineering and weekend courses for professionals. It is targeting a total student strength of 4500 .
Core, which was founded in 2003, is present in seven states in India; 20 states in the US; 40 institutions in the UK; 8 African and 3 Caribbean nations.
The company, listed on the Bombay Stock Exchange and with a market valuation of over Rs 3,000 crore, offers products and solutions spanning across — K12 (Kindergarten to 12), higher education; vocational training courses and teacher training.
Core Projects has also planned a foray into the school management business. It is expected to invest Rs 150 crore for setting up schools over the next three years. These schools are divided into three — K-12 schools targeting tier I cities; IB schools targeting the IB school population and traditional K-12 schools for tier II and tier III cities.
“We have earmarked Rs 400 crore for the schools. While Rs 150 crore will be from internal accruals, Rs 250 crore will be raised via debt as and when the projects are finalised,” added Mansotra.
Chennai-based Everonn Education and Educomp Solutions, two companies which are also technology provider to educational institutions, have laid out education plans for their companies.
While Everonn Education plans to open 300 schools over the next five years at a total investment of Rs 3,600 crore. Everonn has also firmed up plans to open around 25 B-schools across the country in the next few years with an investment of around Rs 250 crore. Everonn also offers teacher training and courses in hospitality and animation and gaming education in association with the Indira Gandhi National Open University (IGNOU).
Delhi-based Educomp Solutions, another technology service provider to educational institutions, has also ventured across education spectrum —primary, vocational, professional, test preparation and higher.
Educomp has also partnered with 14 state governments covering over 14,500 government schools and benefiting 7.9 million students.
The company through its Raffles Millennium International brand, offers courses in creative arts, design, lifestyle and business management.
It would soon venture into offering courses in law, paramedics and engineering through its Millennium Academy of Professional Studies. The academy will be launched next year.
“We do not have any plans to establish a university at present as we are looking at professional courses. We are offering management programmes in various subjects on a smaller scale. We sought approval from the All India Council for Technical Education and tied up with local education partners to offer the courses,” said an official from Educomp Solutions.
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