The Hindu : Aptech to start university

Online edition of India's National Newspaper
Thursday, Apr 01, 2004

Business

Business

Aptech to start university

By Our Staff Correspondent

CHENNAI, MARCH 31. Aptech Limited, as part of its strategy to move up the education rung in both IT and non-IT areas, has decided to enter into formal education field. The company is planning to start its own university and colleges across the country, according to its Managing Director and Chief Executive Officer, Pramod Khera.

Aptech University will be located at Raipur in Chhattisgarh. This will be an independent entity and have affiliations with other colleges. The university will also undertake distant education from international colleges. It will offer courses in other non-information technology and management subjects. The university will be on the UGC norms. Initially it will take 200 students in the first batch, which will start this June.

Mr. Khera said Aptech was planning to invest nearly Rs. 25 crores in the construction of the university and the amount would be spent over a five year period.

The funding would be through internal accruals. The company had already raised $ 14 million through a GDR issue.

Aptech had also decided to set up colleges across the country. On that line, it had first launched its college in Chennai, The Atrium College.

The Managing Director said the board had announced a dividend of 10 per cent, subject to approval of the shareholders. This would be the company's maiden dividend after its de-merger in 2000.

The global billing of Aptech for 2003 was Rs. 426 crores against Rs. 338 crores during the corresponding in 2002, a growth of 26 per cent. Income from Indian operations was Rs. 167.90 crores compared to Rs. 152.70 crores during 2002. The profit after tax had been Rs. 11.27 crores (Rs. 6.35 crores).

Mr. Khera said the revenue generated from domestic retailing business was 45 per cent, international retailing 25 per cent, government institutions 15-20 per cent and the balance would come from learning services.

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