Even as the government drags its feet on opening up the domestic education sector for foreign direct investment (FDI), firms have begun setting up universities overseas.
Even as the government drags its feet on opening up the domestic education sector for foreign direct investment (FDI), firms have begun setting up universities overseas.
Bangalore-based Manipal Education announced on Friday it would be investing $180 million over the next five years to set up Manipal International University (MIU) in Malaysia.
The company has been running the Melaka-Manipal Medical College (MMMC) along with the Malaysian government for many years now.
This is the first full-fledged multi-disciplinary university the company will be setting up over 100 acres of land outside India. It has yet to identify land for the project.
Sudarshan, managing director & chief executive officer (CEO) of Manipal Education, said the project would be funded though internal accruals and debt that would be raised from the foreign markets.
He said borrowings for the project would not stretch the balance sheet.
“Our debt is in line with what our balance sheet can bear. As debts in India are too expensive, most of the funds will be raised outside the country, mainly in Malaysia,” he said.
Infosys chairman and chief mentor Narayana Murthy is reportedly looking to invest $10 million in the ME through his venture capital fund Catamaran.
He said ME, which is currently operating from an interim campus, will close the deal for a 100-acre land for their permanent campus within the next 60 days.
The first phase of the campus is expected to be ready by 2012.
Sudarshan said MIU will offer both undergraduate and post-graduate programmes in engineering streams, management studies, business and commerce, law, animation and design and hospitality and tourism.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}