Pearson, a leading UK based publisher, has formed 50:50 joint venture with Delhi-based Educomp in order to provide vocational training and acquired 17.2 per cent stake in Bangalore-based e-learning company, TutorVista that provides online tuitions to students of American and European countries.
Pearson will acquire a 50 per cent stake in existing vocational institutes of the firm as per agreement.
Mr Vivek Govil, President and CEO, Pearson India, said, “As for vocational training, Pearson has content and assessment capabilities. The partnership with Educomp brings execution capabilities.” He said that both acquisitions cost it about Rs 145 crore, while declining to divulge further financial details of deal.
Mr Khozem Merchant, Deputy Chairman, Pearson India, said, “The joint venture with Educomp will focus on vocational training which would target blue collar jobs.”
Demanding public support for Pearson from Indian public bodies, he termed it as a right time to enter in the education segment, the major area of focus for newly elected UPA government.
Pearson will soon launch the domestic edition of The Financial Times in India after receiving necessary approval and license from the government. Shares of Educomp surged 10.9 percent, increasing company's market value to $1.2 billion.
Source: Stock watch