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Everonn bets on education for growth

In a bid to change India’s educational landscape, Everonn SKILL, a wholly-owned development subsidiary of Everonn Education, has been mandated by the NSDC to train and impart skills in nine sectors to 15 crore people over the next ten years. The public-partnership deal is the first-of-its-kind in India.

business Updated: Apr 18, 2011 22:44 IST
HT Correspondent

In a bid to change India’s educational landscape, Everonn SKILL, a wholly-owned development subsidiary of Everonn Education, has been mandated by the National Skill Development Corporation (NSDC) to train and impart skills in nine sectors to 15 crore people over the next ten years. The public-partnership deal is the first-of-its-kind in India.

“The revenue generation potential arising out of this initiative is Rs14,400 crore for the next ten years,” said Jayaraman TV, CEO, Everonn Skill Development Ltd.

The NSDC will invest 27% as equity in this initiative and pump in Rs300 crore in the next two years. Everonn will set up 271 multi skill development centres across the country in the next two years. The average course fee is expected to be approximately Rs9,000 per person with the course term ranging from 30 days to six months in nine sectors including textile and apparel, retail, hospitality, automobile, healthcare, construction, IT and ITES, basic engineering and multimedia.

“We believe the initiative will help us deliver 23-25% of the revenue over the next two years from the current 5%,” said Jayaraman. Everonn’s consolidated sales in 2009-10 showed a 74% growth over the previous year. “We have a ten-year plan and there will be scaling up from time-to-time,” said Dilip Chenoy, MD and CEO, NSDC.