IL&FS Tech to set up 100 skill schools with NSDC

IL&FS Education and Technology Services (ILFSETS), the education infrastructure arm of IL&FS, is well set to float a joint venture with National Skill Development Corporation (NSDC), the fledgling company promoted by the union finance ministry (under Section 25) to catalyse private sector involvement in training manpower, for setting up 100 skill schools in industrial clusters and economically backward areas across the country. ILFSETS will hold 73 per cent while NSDC will hold 27 per cent equity in the new JV, which proposes to train and skill 1.94 million youth over a period of 10 years. The agreement will be signed on Thursday itself.

This will be carried out through a Special Purpose Vehicle (SPV). According to NSDC officials in the know of things, the total NSDC contribution to the project would be Rs 159.78 crore by way of loan, grant and equity. While Rs 114.37 crore would be provided by way of a loan to meet working capital and capital expenditure requirements, NSDC would chip in with Rs 10.53 crore as its equity contribution to the special purpose vehicle. NSDC would give Rs 34.88 crore in the form of a grant to the SPV with IL &FS ETS for development of content.

As part of the arrangement, the skills schools that would be set up by the IL&FS — NSDC alliance would target sectors like textiles, construction, leather and leather products and the services sector.

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