NSDC-Everonn partnership to stay

The National Skill Development Corporation (NSDC) would continue its joint venture with  Everonn, whose promoter P Kishore was arrested on August 30 by Central Bureau of Investigation (CBI), alleging an attempt to bribe an Income Tax official.

NSDC managing director and CEO Dilip Chenoy said it was an individual (Kishore) who was facing the charges, and not the company (Everonn).

"We hope to continue our projects and will segregate what is alleged to be done by the partner from actual running of the JV.”

"As long as the JV delivers annually what was promised, NSDC would have no cause to take action. If there is change in ownership, we will continue funding if new owner undertake same targets," he added.

It may be noted, in July NSDC had made an equity investment in Everonn Skill Development Ltd (ESDL), a joint venture between Everonn Education and NSDC. The new company plans to invest around Rs 700 crore for setting up skill development centres across the country.

NSDC has committed around Rs 115 crore, which includes equity portion of Rs 15 crore and Rs 100 crore of loan. NSDC would have 26 per cent in EDSL, while Everonn will hold 74 per cent. EDSL also plans to invest around Rs 700 crore over the next three years in new centres at 270 locations. These would train 50,400 master trainers across 12 locations.

The JV has set a target to train around 15 million people over the next 10 years at these centres in nine sectors including retail, construction, health-care, hospitality, IT/ ITeS, gaming and animation.