Pearson PLC (LSE: PSON) announced a further investment of US$30 million in the Indian education sector, entering a joint venture with Delhi based Educomp Solutions and taking a stake in Bangalore based online tutoring service specialist TutorVista.
Pearson and Educomp have established a 50:50 joint venture to offer vocational and skills training in India. As part of the agreement, Pearson will acquire a 50 percent stake in Educomp's existing vocational training business. Educomp is listed on India's Bombay and National stock exchanges.
The joint venture will provide vocational training to students and professionals across a range of industries including financial services, retail and construction. It will have a focus on English language training.
Pearson has acquired a 17.2 percent stake in TutorVista, which provides online tutoring services for K-12 and college students. It connects experienced tutors with more than 20,000 registered students using Voice-Over-Internet-Protocol and online whiteboards.
Pearson is now TutorVista’s largest shareholder. It intends to add TutorVista's online tutoring to its range of services for students in North America, the UK and other parts of the world.
Chief executive Marjorie Scardino said: “We have great respect for the expertise, capabilities and innovation that Educomp and TutorVista have brought to the education market. We are enthusiastic about being their partners, because we see India not only as a big growth market in itself, but also as a place for us to build businesses that will be relevant across the world.”http://www.proactiveinvestors.co.uk
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