Corporate Updates

Everonn Plans Rs 150 cr Capex

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Chennai-based VSAT education network company, Everonn Education Limited, has plans of investing close to Rs 150 crore in the present fiscal. Also, the company plans to venture overseas to include countries like Africa during the current fiscal year. P Kishore, MD, Everonn Education Ltd has said that the company would invest Rs 150 crore in iSchool and Instructional and Communication Technology (ICTs).

The iSchool model is an initiative of the company which combines the orthodox system of learning with digitised content and tools to make learning interactive. The suggested investment will be funded mainly through debt, said Kishore.

Till now, the company has been working with close to 16 states to enable ICT based education on government run schools. Kishore highlighted that out of the Rs 301.62 crore revenue of the company during year-ended March 31, 2011, 22 per cent were contributed by government projects. The company has set a target to increase its topline by 50 per cent during the present fiscal, he added. The company has reported a 43 per cent rise in its revenues in 2010-11.

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