Core, ILFS, IGNOU in deal for learning centres

Core Projects & Technologies, has signed two memoranda of understanding (MoUs) with Infrastructure Leasing & Financial Services (IL&FS), and the Indira Gandhi National Open University (IGNOU). The projects involve a capital expenditure to the tune of $750 million (around Rs 2,900) and setting up of as many as 1,000 learning centres across the country.

The project will create education content using space age technology - Cave Automatic Virtual Environment (CAVE) - developed by scientists of the Center of Higher Learning (CHL) at the NASA Stennis Space Center, Mississippi. CORE has exclusive rights for this technology from CHL for the Asia Pacific region.

Sanjeev Mansotra, CMD, CORE, said: "This business will add about $200 million per year to our top line and net accretion to post tax profits will be about $30 million per year in India alone. We also plan to set up similar centers in the Asia-Pacific region and in some parts of the USA."