IL&FS Education and Technology Services Ltd (IETS) education-focused subsidiary of IL&FS Group, has raised private equity capital of Rs1,720 million from India Equity Partners through a combination of primary and secondary capital.
India Equity Partners is an India-dedicated growth-oriented long-term private equity fund with offices in Mumbai, New York and Mauritius. The IEP Principals manage over US $2 billion of India-focused capital across various asset classes.
IETS provides end-to-end solutions in education and training to schools, colleges, vocational training institutes, governments and the corporate sector.
It addresses the need for vocational skills focused on improving employability of the Indian work force which is critical for the Indian economy's sustained growth. Through its subsidiary IL&FS Cluster Development Initiative Ltd (ICDI), aims to develop industrial clusters to augment the competitiveness of Indian industries and provides large-scale vocational training programmes targeted at youth who can be employed in these industries.
''This partnership will enable us to achieve the growth targets set by the company for the medium term," said Hari Sankaran , MD, IL&FS. We look forward to working closely with IEP to create a world-class education company with strong processes and systems that will make a valuable contribution to the Indian economy.
According to Sid Khanna, chairman, India Equity Partners said ''IETS has a strong opportunity to capitalise on the country's increased focus and spending on education."
IETS said in a press release, "IETS has a high-quality professional team with significant experience in the education domain, which is of particular advantage in joining public and private enterprises in delivering quality education across the spectrum from primary schooling to corporate education."