British firm acquires 50 percent stake in EducompJune 24th, 2009 - 3:43 pm ICT by IANS
New Delhi, June 24 (IANS) Pearson, a Britain-headquartered education and information company, will acquire 50 percent stake in Indian education resource provider Educomp Solutions for $17.5 million as part of an agreement signed between them Wednesday.
The two companies will offer skills training as part of the agreement, a joint statement from the companies said.
Pearson and Educomp will also jointly fund the new business during the start-up phase and make available to it the considerable assets and capabilities that the two firms have, the statement added.
“The partnership will address the growing chasm between education and employability in India,” said Educomp chief executive and managing director Shantanu Prakash.
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