CORE Projects and Technologies Limited, a global education company has bagged a 295 crore outsourcing contract to incorporate technology in classrooms across Haryana.
At 10:20 am, shares of the company were trading 2.59% up at Rs 324.75 on the Bombay Stock Exchange .
The contract amongst the largest awarded by a state government requires the CORE Projects to train teachers on use of technology in classroom pedagogy.
"The government is now opening up huge opportunities in the education sector for private players," said Sanjeev Mansotra, CMD, CORE Projects and Technologies. Education spending was a big winner in this years budget. The amount of funding for education has been increased by 24% to 52,057 crore.
The Mumbai-based firm will install and maintain information and communications technology (ICT ) laboratories in 2622 government schools. These will cater to five million students spread over all the 21 districts of the State in next five years.
Besides computer aided learning and software to manage the schools, these technologies will also include child performance tracking system and biometric devices to capture teacher attendance. The government will also set up five smart schools. These will have more advanced technologies and based on its success, they will be replicated in other schools.
"While most of the large players have built their businesses around private schools, the market has developed multi-fold with the Central government's move to fund Sarva Shiksha Abhiyan (SSA) for ICT@Schools programme," says Bharat Parmar, partner at EduVisors an education sector advisory services firm.
"With the Haryana project Core's total contract in India will reach to 600 crore," said Mansotra, a first generation entrepreneur who founded the firm in 2003 and has till now derived nearly 80 % of revenues from overseas markets such as US, UK, Middle East and Africa.
This will change with about one third of its revenues coming from India in next few years. The company which started as a pure IT firm transformed itself into a global education player by acquiring around seven education companies in US and UK. It raised $150 million through foreign currency convertible bonds to make these acquisitions.
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