In a bid to expand its footprint in India and abroad, Hyderabad-based Triumphant Institute of Management Education (TIME), an education and test preparation institute, is currently evaluating proposals from some professional training institutes and schools for a possible acquisition.
“We are looking at options which fits in the education portfolio that we are into, and where we can add value also,” confirmed Manek N Daruvala, founder director, TIME. He, however, declined to divulge any details.
Sources close to the development, though, said the institute has been approached by an English-speaking training institute and a school in the southern region for an acquisition. While Daruvala did not disclose the financial details for funding the acquisitions, the source added that the institute would fund the acquisitions from internal accruals.
TIME recorded a turnover of Rs 200 crore last year and has been growing at a compounded annual growth rate of over 55 per cent for the last five years. The test preparation space is a Rs 3,600 worth market in India, according to analysts tracking the sector. While sources also said that TIME is mulling an initial public offering (IPO) next year, Daruvala denied any such move.
TIME has around 195 coaching centres in around 100 towns and cities across the country and plans to add 15-20 every year especially in Tier-III towns. These centres will offer training for national-level exams such as CAT, AIEEE, GRE, GMAT, TOEFL and the recently started training programmes for Common Law Admission Test (CLAT) and Chartered Accountancy Examinations.
“We are looking for franchisee partners in these towns to expand our coaching centre network. Big cities are already saturated and we feel that small towns are the growth areas for us,” Daruvala had told Business Standard earlier this year.
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TIME is also setting up two Central Board of Secondary Education schools in Hyderabad which will be operational from 2010. The institute is making an investment of 8-10 crore in each school.
TIME launched its chain of pre-schools also in India last year. Analysts say pre-schools is a Rs 1,786 crore worth business in India.
TIME currently has seven schools in Hyderabad and Cochin. In collaboration with Trishna Kids, a chain of playschools in Hyderabad, the institute plans to set up 50 schools this year in towns like Jaipur and Kochi and around 150 schools next year.
With a strength of 250-300 students, each school is setup with an investment of Rs 8-10 lakhs on rented premises.