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Pearson buys out Educomp stake in IndiaCan
education joint venture
Wednesday April 10, 2013 09:21:23 AM,
IANS
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New Delhi: British
education and publishing conglomerate Pearson Plc Tuesday acquired
the stake of Educomp Solutions in their equally-owned joint
venture, IndiaCan, for an undisclosed amount, scaling up its
operations in India.
With this buyout of Educomp's 50 percent shareholding, Pearson has
become the sole owner of IndiaCan, said a Pearson release.
In 2009, Pearson and Educomp had started IndiaCan Education Pvt.
Ltd. to offer vocational training.
"Taking complete ownership of IndiaCan represents another
milestone for our ambitious plans in India and follows a similar
buy out at TutorVista, the Bangalore-based learning services
company," said Bhavneet Singh, president, Global English and
informal learning at Pearson India.
"IndiaCan has developed market leading expertise in retail and
vocational training and support that will supplement Pearson's
goal to help improve learning outcomes for students throughout
India," he added.
In February, Pearson had acquired 100 percent stake in TutorVista,
the Bangalore based education services company with interest in
schools, online tutoring and Internet and communication
technologies.
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