Private equity firm India Equity Partners (IEP) has picked up a stake in IL&FS Education and Technology Services Ltd (IETS) for an investment of Rs 172 crore. IETS is involved in the area of primary education and vocational training. The investment has been made through a mix of primary and secondary share purchases.
IETS offers learning content and training modules for schools, colleges, vocational training institutes, governments, and the corporate sector. Through its subsidiary IL&FS Cluster Development Initiative Ltd, IETS is also involved in developing industrial clusters to augment the competitiveness of industries and provides large-scale vocational training.
While the details of the transaction are not known, shareholders like Orix Corporation of Japan, HDFC and SARA Fund (a vintage 1995 fund managed by IL&FS Investment Managers) sold their stake in the transaction.
"IETS, through its unique delivery mechanism, addresses the large need for vocational skills focused on improving employability of the Indian work force which is critical for the Indian economy’s sustained growth," said Sid Khanna, chairman and K.K. Iyer, Managing Director of India Equity Partners.
IEP has a $350-million fund and has invested in Bharti Infratel and Manappuram General Finance & Leasing. Its last investment came in October 2009 when it lead a Rs 150 crore round in A2Z Maintenance and Engineering Services Pvt Ltd, a Gurgaon-based provider of EPC services to the power transmission and distribution sector.
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