 "Azim Premji could pick up 10% stake in Manipal Global Education for Rs 900 cr")
Wipro chief Azim Premji is getting ready to go back to school, so to say.
According to the Times of India, Premji is gearing up for a second innings at Manipal Global Education Services.Sources told the paper that Premji is set to pump in Rs 900 crore for approximately 10 percent of the company.
In 2010, Premji’s investment arm, PremjiInvest put in Rs 200 crore in Manipal Universal Learning, part of the Manipal Education and Medical Group, to funds its expansion plans in India and overseas. The group’s other backers at the time included NRN Murthy’s Catamaran Ventures, IDFC Private Equityand Capital International.
However,over the past year, all the investors have exited the group, and in July 2013, Premji and Murthy sold their stakes, completing the buyback process initiated by Manipal chief Ranjan Pai. The Economic Times at the time reported that the investors had received between 15 -18 percent in returns.
PremjiInvest had its finger in various sectors - like e-commerce (Snapdeal and Myntra), education (Manipal) and fashion (Trent, Fabindia, Future Lifestyle Fashions).
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