Educomp to invest Rs 150 crore in Great Lakes Institute of Management

CHENNAI: In a rare coming together of a corporate and a not-for-profit society, e-learning services provider, Educomp, has decided to invest Rs 150 crore, and consequently share profits, in the future projects of Chennai-based Great Lakes Institute of Management.

While Educomp calls itself India’s largest publicly-listed education company, Great Lakes is a non-profit organisation (formed under Section (25) of the Companies Act) founded in 2004 by Kellogg School of Management’s Prof Bala V Balachandran .

“This is not a transfer or a sale. This is just a tie-up where both the entities have come together to take education to the next level,” Balachandran told ET. The investment will be done over the next five years. With the tie-up , Great Lakes will be able to expand across India.

It currently has one campus near Chennai. Educomp and Great Lakes plan to collaborate on at least three more projects – one each in Delhi NCR, Mumbai and a yet-to-be-finalised location in eastern India. “This way we both would have a huge reach. We are creating a virtual Great Lakes at everyone’s home,” said Educomp CEO Shantanu Prakash .