Core Education and Technologies Ltd plans to open a chain of vocational educational institutions focusing on skill development across the country with a proposed investment of Rs225 crore and train three million personnel over the next five years.
Sanjeev Mansotra, Chgairman and Chief Executive, Core Education said, ”India needs about 500 million skilled personnel by 2022, while there would be a requirement to upgrade skill or re-skill existing 140 million workers. We are looking at addressing this gap, and looking at providing skill-based training for blue- collar jobs across six sectors’’.
The company aims to start around 120 vocational and multi-skill institutions, on a company-owned company-operated model, in the country through its wholly owned subsidiary Core Skill Development and Careers Pvt Ltd.
The company expects revenues of about Rs600 crore by the end of five years. Core Education provides education continuum for K-12, higher education and vocational training and, currently runs 600 centers on a partnership basis in the country. It would impart training to personnel in sectors like automobile, construction, healthcare, hospitality, information technology and retail.
The firm will raise funds from either internal accruals, public-private partnerships or raise loans from National Skill Development Corporation (NSDC), a government body set up to provide funds and foster private sector initiatives in skill development.