Everonn Education Ltd, a Chennai-based education services company, announced plans to set up seven management institutes at a cost of Rs 25 crore each, by the next academic year. These would be set up in collaboration with a partner at Chennai, Coimbatore, Hyderabad, Bangalore, Bhubaneswar and Pune.
The proposed investment would be funded through debt and internal accruals, said P Kishore, Everonn's managing director. “While our partner will invest in infrastructure and land, we will be bringing content and technology, where company has its expertise,” he said.
The company was also looking to invest around Rs 50 crore in infrastructure in schools and colleges this year. It currently operates 1,017 schools and 1,567 colleges across country.
With a VSAT-enabled education network, Everonn is also betting big on its ICT business, Kishore said, adding that it contributed Rs 294 crore or 30 per cent of the company's revenue for the year ended March 31. “Currently, we are associated with 16 state governments and operate in 5,862 government schools on a five-year contract basis,” he said.
Everonn sought to be a facilitator of education, aggregator and manager of the infrastructure, Kishore said. The company's institutes reach out to around 3 million students students.
