The world's largest IT education company, New Horizons, is entering India by forming a joint venture with the Vivek Bharat Ram-controlled Sriram Global Technology Education Company.
The joint venture company, which was set up about a month back and is called New Horizons India, is targeting revenue to the tune of Rs 500 crore (Rs 5 billion) in three years.
New Horizons, according to senior company officials, is planing to pump in Rs 200 crore (Rs 2 billion) in the first three years to establish operations in the country.
"We are targeting a market share of about 20 per cent by the end of three years. Besides, we will also set up 250 centres in the country by that time," Ajay Kumar Sharma, president, New Horizons India, said.
The joint venture company, in which New Horizons hold 20 per cent stake, is looking at placing equity with investors to raise money in order to fund its expansion plans in the country.
"We will dilute equity to foreign institutional investors to raise money to fund expansion. This would also see out equity size of the company increasing to about Rs 40 crore (Rs 400 million) from the present Rs 15 crore (Rs 150 million)," he said. The remaining 80 per cent equity is with Sriram Global Technology Education Company.
The company would be utilising the expertise of both partners in expanding its operations in the country.
"New Horizons has expertise in generating education content and modules for high end infotech training and the Indian partner has the knowledge of the local market. We are confident to gain a commanding market share soon," Sharma said.
The company is targeting to train about 15 000 students in long term course each year. It is also setting up a host of support infrastructure like a 24-hour help desk for the students, which is the first of its kind in the country.
"The help desk will help students solve problems and issue as it occurs. We think that such initiatives would help students a great deal," Sharma pointed out. New Horizons will offer a host of long term as well as short-term courses in the country.
"We will also offer a variety of courses starting from basics to high end technology. Our cutting edge compared to the companies in the market are to provide training on latest technology due to our global exposure," he said.
The New York Stock Exchange listed New Horizons was set up in 1982 and generated revenues to the tune of half a billion last year.