Pearson buys out Educomp's shareholding in IndiaCan JV
New Delhi: Publishing and education services company Pearson has acquired Educomp's entire 50 percent stake in IndiaCan, a vocational training joint venture set up by the two companies in 2009.
"Taking complete ownership of IndiaCan represents another milestone for our ambitious plans in India and follows a similar buy out at TutorVista, the Bangalore-based learning services company," Pearson President (English & Informal Learning) Bhavneet Singh said in a statement Tuesday.
The company, however, did not share financial details.
Pearson in February this year acquired 100 percent stake in TutorVista. Pearson had a majority stake in the Bangalore based company.
Singh added that IndiaCan has developed market leading expertise in retail and vocational training and support, that will supplement Pearson's goal to help improve learning outcomes for students throughout India.
IndiaCan imparts skills training, helping young people to gain employment, and those in work to sharpen their skills to gain better jobs.