Manipal Universal Learning, the corporate education arm of the Manipal Group, has raised Rs 200 crore from the private equity (PE) firm PremjiInvest, a $1-billion fund promoted by Wipro Group Chairman Azim Premji. The proceeds will be utilised for the company’s expansion of its campuses and technology upgradation in India and abroad.
Manipal Education and Medical Group will continue to be the majority shareholder in the company, while the rest will be held by PremjiInvest and existing PE investors, Capital International and IDFC Private Equity, which had invested $80 million (around Rs 400 crore) in 2006.
The company plans to utilise the funds for construction of a new campus in Dubai, expansion of its Malaysia campus where it will build a new dental block, and for the second phase of construction of its campus in Antigua. In the first phase, it had invested $30 million (nearly Rs 140 crore) in the Antigua campus.
“Despite current challenges, we feel that we are well-suited for expanding our operations. Typically, it takes four-five years to reap the results of an investment in the education sector,” Manipal Education MD and CEO Anand Sudarshan said.