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National Skill Development Corp picks up stake in Everonn

Finances & Budgets, Vocational Training

National Skill Development Corporation (NSDC), which was formed by the Government of India, has taken an equity investment in Everonn Skill Development Limited (ESDL), a joint venture between Chennai-based Everonn Education and NSDC. The new company is proposing to invest around is planning to invest around Rs 700 crore for setting skill development centres across the country.

P Kishore, Managing Director – Everonn Education Limited said that the NSDC has committed around Rs 115 crore, which includes equity portion of Rs 15 crore and Rs 100 crore of loan. NSDC will have 27 per cent in EDSL, while Everonn will hold 74 per cent.

EDSL is planning to invest around Rs 700 crore, over the next three years for setting up centres across 270 locations. These centres will train 50,400 master trainers across 12 locations.
The first centre was inaugurated by S Ramadorai, Advisor to the Prime Minister in the National Skill Development Council.

Kishore added, over the next 10 years these centres would train 15 million people in nine key sectors including retail, construction, health-care, hospitality, IT/ITeS, gaming and animation.

The company has tied-up with companies based in Switzerland, Australia for content and is planning to partner with institutions in Japan and Taiwan for electronics, added Kishore. Commenting on the revenue mode, he said, the company will be looking at revenue through four models including from the government, industry and student loan.

Earlier, Ramadorai said that around 500 million need to be scaled up by 2022 in India. The critical components to focus include scale, implementation, monitoring, technology and accountability, he said.

Government of India is planning to add vocational training as part of curriculum in the Schools, said S Ramadorai. Speaking to reporters after inaugurating Everonn’s Master Resource Centre for Skill development in Chennai, he said, “the Draft is getting ready to introduce the curriculum in the 8th and 9th grade. Pilot is going on in the state of Haryana.”

Business Standard, August 02, 2011


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