HDFC’s Education Foray to Include Skill Upgradation

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MUMBAI: HDFC’s is planning to have two skill upgradation centres as part of its education foray in Hyderabad and Ahmedabad. These centres will train people for the financial services, back office and hospitality businesses.

The group has already announced its plans for a Kindergarten to class 10th (K-10) and Kindergarten to class 12th (K-12) institutions in Bangalore and Delhi respectively. While these two forays will be started from scratch beginning with land acquisition, the skill development centres will start work faster as they will be in rented premises.

“Just as in home loans the schools will be targeted at the middle-class. The schools we will build from scratch and it will be a three year process from the time of acquiring land” said Deepak Parekh, chairman, HDFC.

“In the skill up gradation centres we want to concentrate in financial services – banking insurance mutual fund — where we have an internal demand and also in back office and hospitality — sectors where there is demand” said Parekh. Mr Parekh said that the education foray will not be a CSR activity but will stand on its own feet and will function as a separate company.

Last year the HDFC board had cleared the foray into HDFC Educational and Development Services and had cleared an investment of Rs 100 crore. The group had also indicated that it would borrow funds for investment.

(Times of India)

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