Training company Ever-onn Education announced the launch of its Educating India initiative to set

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up schools and colleges across the country, on Monday. The company will partner with landowners and investors to fund the initiative, while it will aggregate resources and manage day-to-day operations of the institutions.

The total project cost, to be fully raised from partners, is estimated to be about Rs 700 crore. The investments will come in the form of land, cash and by raising debt, said P Kishore, Everonn Education.

“Educating India will involve setting up of institutions across various segments including schools, vocational training and higher education. We plan to start 200 K-12 schools across the block, district-headquarter and city levels, 500 skill-development centres, 10 engineering colleges and 27 business schools across the country,” he added.

The investment per institution is estimated to be Rs 1 crore for a block-level school, Rs 7 crore to Rs 9 crore for a district-level school and Rs 25 crore for a business school.

Everonn will earn 7 per cent in project execution and 15 per cent in management per institution year-on-year, Kishore said. While the payback period for investments in schools is one year, that of business schools is roughly 4.5 years, he added.

The first two pre-schools under the initiative will be launched on September 28. The company has received proposals in Bhubaneswar, Dehradun and Chennai from investors and landowners including Anuraag Jain of Excel Publishers and yesteryear Tamil actor Gowthami to start B-schools, he said. Everonn plans to start the institutions next year.

Everonn only recently changed its name from Everonn Systems.