Premji Invest close to investing Rs 150 crore in Manipal's education arm
Premji Invest, the $1 billion private equity fund floated by Wipro’s billionaire chairman Azim Premji, is understood to be close to investing around Rs 150 crore in Bangalore-based Manipal Group’s education arm through a structured deal. - Wipro looks to reduce its carbon footprints - "Wipro to review compensation factor" - Wipro to hire 5,000, revamp recruitment strategy - Crisis unlikely to impact Indian IT vendors - GE Healthcare launches low-cost portable ECG - Wipro expects US IT spend to rise by 2-3% This is the second major round of private equity fund raising that Manipal Education is embarking on after it raised around $80 million through private equity from Capital International and IDFC Private Equity during 2006. Manipal Universal Learning (MUL) the corporate entity of Manipal Education posted gross revenues of Rs 803 crore (Rs 372 crore from domestic operations and Rs 431 crore from international operations) for last fiscal. Officials from Manipal Education and Premji Invest could not be reached for comments. Manipal Education has presence in over 20 countries, has 3 universities and 9 campuses spread across Sikkim, Malaysia, Nepal, UAE and Antigua. It also offers professional & skills education with industry collaboration. It has strategic tie-ups with ICICI, Bharti and clutch of other corporates to drive first-day productivity in sectors like Banking & Insurance, Retail, Telecom, BPO and Media & Entertainment. Private equity industry sources detailed that Manipal Education may use a part of the fresh infusion to further its presence in the Caribbean region and may also look at acquiring another entity. Manipal, during last December, acquired American University of Antigua and it has invested around Rs 140 crore and is lining up another Rs 90 crore to expand the campus there, primarily aimed at enhancing units for student housing. Presently there are 1,200 students on the existing campus and the annual intake is around 750 students for its medical programme. The new campus has been built on a 15 acre plot in a prime location in Antigua. Manipal Education is looking at the Antigua operations closely considering one-fourth of its gross revenues are set to come from the campus. Along with medicine, the new campus houses a nursing and a veterinary school. This investment in Manipal Education, if it sails through, will be Premji’s second major initiative in the education space. Through his not-for-profit foundation – Azim Premji Foundation - Premji is in the process of investing Rs 200 crore for setting up a private university in Karnataka which will focus on building up teachers, lecturers and professors. Premji Invest, is understood to have invested $250 million through private equity in National Stock Exchange, healthcare chain Healthcare Global, retail chain Subiksha, car servicing chain Carnation besides a few others. The fund is understood to have invested around $350 million in public markets as well.Paydaynextday commented:
The new campus has been built on a 15 acre plot in a prime location in Antigua. Manipal Education is looking at the Antigua operations closely considering one-fourth of its gross revenues are set to come from the campus.
21.09.2011
quickquid commented:
Investing for the betterment of the Education is very nice and the step taken by the Aziz Premji is very much appreciatable.
25.11.2011
Same Day Loans commented:
Premji have come up with his own university as well to promote the good education in the country.This decision of premji to invest 150 crore with manipal will bring many talented students in front of the country.
07.12.2011
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06.01.2012
Property Investment Australia commented:
Premji Invest close to investing Rs 150 crore in Manipal\'s education arm
13.01.2012
Family Offices Hong Kong commented:
I think such investment is a great example to others that even today unstable world ,education sector is the sector on which people can focus and can give good citizens to country.
13.01.2012
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19.01.2012