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Educomp buys 50% in EuroKids for Rs390 mln

Educomp buys 50% in EuroKids for Rs390 mln
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First Published: Wed, Sep 10 2008. 01 34 PM IST
Updated: Wed, Sep 10 2008. 01 34 PM IST
New Delhi: “Education services firm Educomp Solutions Ltd has acquired 50% stake in Mumbai-based EuroKids International Pvt Ltd for Rs390 million to expand in pre-school education,” the companies said.
“Educomp may increase its stake to 74% in EuroKids over a period of time. Both the firms will jointly take EuroKids pre-school network to 1,000 from existing 450 over the next 3 years,” a joint statement said.
“Educomp has made a strategic investment in EuroKids to leverage the company’s established presence in early child care education,” Educomp’s Managing Director Shantanu Prakash said.
Educomp currently has a presence in pre-school segment through its chain known as “Roots to Wings,” which currently has 52 franchisees.
Prakash said that the firm plans to open 1,000 “Roots to Wings” schools in next 3 years through franchisee model.
This will take its presence in pre-schools to 2,000 in next three years.
“Pre-school is very important part of our strategy. We want that the first school of a child should be an Educomp school, whether it is EuroKids or Roots to Wings. We want to catch them young,” Prakash said.
Shares of Educomp, which rose as much as 2.3% earlier in the day to Rs3,707, were trading at Rs3,627 in a weak Mumbai market.
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First Published: Wed, Sep 10 2008. 01 34 PM IST
More Topics: Educomp | Acquisition | EuroKids | Stake | Pre-school |