International Finance Corporation (IFC), the private sector investment arm of the World Bank, is looking to invest about Rs 120 crore (approximately $19.3 million) in Education-focused publishing house S Chand & Company Pvt Ltd for a minority stake.
The Delhi-based S Chand is backed by private equity firm Everstone Capital Partners II LLC, which had picked a significant stake in the publishing house for Rs 200 crore or $38 million in late 2012.
The publishing house will use the funding to augment its operations in India and also create additional skilled jobs in content development, editorial and sales teams including in Tier II-III cities, it said in a statement.
Founded in 1939 by Shyam Lal Gupta, the S Chand group is now owned and managed by Himanshu Gupta and Dinesh Kumar Jhunjhnuwala and their families.
The group has offices in 26 cities across India with printing facilities at Rudrapur (in Uttarakhand) and Sahibabad (in Uttar Pradesh).
It publishes a variety of books catering to up to 12th standard (or K-12), higher education, competitive exams and children’s books. Besides, it offers digital learning solutions for government and private schools and engineering colleges through joint ventures.
In September last year, S Chand and Company agreed to acquire Saraswati House for an undisclosed amount.
(Edited by Joby Puthuparampil Johnson)
