Everonn Education Limited, a Chennai-based VSAT education network company, plans to invest around Rs 150 crore in the present fiscal. Besides, the company is also planning to foray into foreign countries including Africa during the present fiscal.
Speaking at the sidelines of company’s Annual General Meeting on Monday at Chennai, P Kishore, MD, Everonn Education Ltd said the company would invest Rs 150 crore in iSchool and Instructional and Communication Technology (ICTs). The proposed investment will be funded mainly through debt, said Kishore.
The iSchool model is an initiative of the company which combines the orthodox system of learning with digitised content and tools to make learning interactive. Through ICT, the company acts as an education service provider for computer education, computer literacy, computer-aided learning education in government schools through turnkey projects on a BOOT model and teachers training projects.
So far the company has signed up with 16 states, through the ICT business, to implement computer education in government schools. It may be noted, of the revenues of the company which stood at Rs 301.62 crore during year-ended March 31, 2011, 22 per cent were contributed by government projects, noted Kishore.
The company has set a target to increase its topline by 50 per cent during the present fiscal, he added. The company has reported a 43 per cent rise in its revenues in 2010-11.
Commenting on company’s proposed foray in new countries, Kishore said, in six months the company would look at entering SAARC countries and Africa.
“We will join hands with local governments to provide content and technology,” said Kishore.
It may be noted, Prime Minister Manmohan Singh in May announced a $5 billion aid to Africa for the next three years and an additional $700 million for setting up institutions and training programmes across Africa.
“We are looking at 22 per cent of our revenues from outside India in the next two years,” said Kishore. Recently the company forayed into countries in West Asia and South East Asia including Singapore and Philippians.
Commenting about KenBridge Schools, a chain of K-12 district level CBSE schools through its wholly-owned subsidiary Everonn School, Kishore said, soft launch of ten schools started this year and we have intend to set up 50 more schools in the next academic year.
“We will be facilitator, aggregator and manager and investment will be made by our partner. Everonn would get 22 per cent (15 per cent for management and 7 per cent for facilitating and aggregation), said Kishore.
According to a statement to BSE " The Board of Directors appointed Ms. Susha John, Whole-time Director as the Chief Executive Officer (CEO) to exercise the powers delegated to the Managing Director." This would provide a new direction to the company
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