Pearson to invest $30 million in education sector

UK-based Pearson Group has announced a $30-million investment in the Indian education sector, a thrust area for the current UPA regime.

While the media major has entered a 50-50 joint venture with Gurgaon-based Educomp Solutions for its vocational training business, it has decided to acquire a 17.2% stake in TutorVista, an online tutoring company in Bangalore.

Pearson officials did not give out separate investment details for the two deals.

As for the facsimile edition of The Financial Times (from the Pearson stable), its India launch date is still undecided. It is learnt that the group is still awaiting regulatory clearances from the government, including from the home ministry.

So far, FT is armed with two clearances—from the FIPB and the Registrar for Newspapers of India. Company officials refused to comment on FT.  

According to government guidelines, proposals for publishing of facsimile editions of foreign newspapers shall be processed and decided upon in the I&B ministry, on the basis of inter-ministerial consultation with the ministry of home affairs and other ministries, as may be required.

The guidelines add that any entity publishing a facsimile edition of a foreign newspaper in India shall be subject to all the relevant laws and guidelines applicable to Indian newspapers and their publishers.

Earlier this year, The Wall Street Journal was permitted by the government to start its facsimile edition in India.

Meanwhile, speaking at a press conference in New Delhi, Pearson India CEO and president Vivek Govil said the group’s initiative with Educomp and TutorVista was just a beginning and that a series of announcements in the education sector could be expected over the coming months.

Pearson is building its presence in the education sector across emerging markets like China and Latin America, besides India. Referring to the India initiative, he said, “this is another piece in our emerging market strategy.”

As advertising revenues are falling, the company is keen to target revenues from education products, it is believed.