Aditya Birla Group is looking to buy the education and training arm of the debt laden Infrastructure Leasing and Finance Services Ltd (IL&FS), Mint reported, citing sources.
IL&FS Education and Technology Services (IETS), a fully owned subsidiary of IL&FS, operates computer labs in 16,000 government schools in 11 states as well as provides vocational skills training to youths, the report said.
The arm, which was the biggest skills trainer under Pradhan Mantri Kaushal Vikas Yojana, has trained about 300,000 individuals last year and operates through various government and corporate funded programmes and individual social responsibility programmes, the report added.
Aditya Birla runs its own education and skills development scheme under the not-for-profit organisation Aditya Birla Skills Foundation. It had approached IL&FS two years ago to buy IETS to enter the for-profit education space, the report said. IETS reported an annual revenue of Rs 427 crore and had a debt of about Rs 606.83 crore in 2017.