Bharti group exits education business

Oct 16, 2012 by

Source: The Economic Times via PwC – EdLive

The Bharti group has exited the education business, selling group company Centum Learning to Everonn Education. The Bharti Family Office, which manages investments made by the promoters of the group in their personal capacity, will receive a combination of cash and equity shares in Everonn. The Bharti group declined to reveal the deal size or their stake in the combined entity. The deal is part of the Bharti group’s plans to exit non-core businesses. “This transaction is in line with our stated objective of focusing our energies on our core businesses,” Centum Chairman Rakesh Bharti Mittal said. Everonn Education provides end-to-end training programmes and skill development solutions. “With this acquisition, Everonn will expand its reach in the Indian training space by adding corporate training, the flagship product of Centum, as a new vertical,” Everonn Education Director and CEO of GEMS Education India Rakesh Sharma said. “Other business segments of Centum (skill development, employment generation, professional education and training) will seamlessly integrate with the existing verticals of Everonn,”he added.