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There is a significant demand for medical education in India and the medical education market is estimated to grow at a very high CAGR % to reach millions in Fiscal 2014. We wish to capitalize on this demand by providing services for the establishing and operation of standalone medical educational institutions as well as departments of medical sciences at institutions serviced by us.
MPEC, one of the operators of the MPGI institutions proposes to set up a full-fledged institute of medical sciences affiliated to the Pratap University, encompassing a 750 – bed multi-speciality hospital, offering medical, dental, para-medical, nursing, and various other short term medical courses. As on December 31, 2014, MPEC has earmarked 25 acres of land within the existing campus of Pratap University on which this institute will be set up. Further, requisite applications will be made by MPEC for approval of the MCI for setting up of this institute upon the fulfilment of qualifying criteria prescribed by MCI in this regard, including after the creation of base-line built up infrastructure such as the setting up of at least 300 beds at the hospital, and the underlying campus for this institute. We wish to enter into the business of servicing medical colleges/ departments by providing, under our current master services arrangement with MPEC, establishment services for setting up of this institute and on-going services to MPEC in operating and managing this institute, once established. Such on-going services will include services for establishment of in-patient and out-patient pharmacies, providing diagnostic services, establishment of specialty departments, catering services for the hospital canteens, recruitment of medical staff, provision of medical equipment, ambulance services, support in handling medical wastes and services pertaining to on-going maintenance for medical equipment.
We believe that our association with an established and reputed university like Pratap University in setting up its institute of medical sciences will assist in firmly setting our footprint in the medical education services segment, and we hope to leverage this association to further upscale our operations.
We believe that our focus on providing formal education services across the entire value chain and the quality of our services sets us apart from our competition. We aim to continue our efforts to enhance the quality of our services. We plan to continue actively recruiting well-qualified faculty for the institutions that we service and increase our faculty training initiatives. We also propose to increase our services offerings and provide greater infrastructure and ancillary support to the educational institutions that we service, and in particular, to the MPGI institutions in order to provide residential and hostel services and other amenities to their students. We also aim to assist MPEC in setting up of a student activity centre at Pratap University, encompassing various student recreational activities, including standalone restaurants, food-courts and a gymnasium. In the higher education segment, we also aim to liaise with reputed overseas educational institutions to organise various educational collaborations, tie-ups and exchange programmes with higher educational institutes currently serviced by us and have recently commenced our operations in this segment by facilitating the execution of a memorandum of understanding between Pratap University, Jaipur and the University of Donja Gorica, Montenegro to set up student and faculty exchange programmes and collaboration initiatives between the two institutions for research, conferences and seminarsthe execution of a memorandum of understanding between Pratap University, Jaipur and the University of Donja Gorica, Montenegro to set up student and faculty exchange programmes and collaboration initiatives between the two institutions for research, conferences and seminars.
Additionally, we aim to consolidate our skills development services business by actively pursuing arrangements with central and state governments for livelihood training programmes for their employees. We have recently been empaneled as a Project Implementation Agency under the “Ajeevika – National Rural Livelihoods Mission” programme of the MoRD, which aims, among other initiatives, to provide livelihood skills to eligible trainees from identified Indian rural poor households. Our empanelment will enable us to administer projects under the Ajeevika banner in partnership with the MoRD, and we wish to build upon this relationship with the GoI to administer and participate in more skills development initiatives. Furthermore, we also plan to leverage our long standing relationships with the operators running the MPGI branded institutions to assist them provide livelihood skills under their agreements with instrumentalities of the Central and state governments, and in particular, in Bihar, Uttar Pradesh and Rajasthan.
India is expected to have 64.8% people in the working age (15-64 years) in 2026, as compared to 62.9% in 2006. Furthermore, the GoI has set a goal of providing skills/vocational training to 500 million persons by 2020. (Source: CARE Report on the Education Industry) We believe our participation in this segment will enable us capitalise on this growth.
It is estimated that Indian K 12 market will grow at a CAGR of 16.3% to reach ` 3,102.70 billion in Fiscal 2018 from ` 1,698.20 billion in Fiscal 2014. Furthermore, during the same period, the higher education industry in India is estimate to grow at a CAGR of 14.4% to reach ` 4,472 billion in Fiscal 2018 from ` 2,615.50 billion in Fiscal 2014. (Source: CARE Report on the Education Industry) To capitalise on these dynamics, we propose to continue growing our business through geographic expansion as well as through deeper penetration in our existing markets. In particular, we wish to consolidate and increase our presence in our existing markets of New Delhi, Uttar Pradesh and Rajasthan, by reaching out to established educational operators outside the MPGI brand to provide services to more K 12 schools and higher educational services on an exclusive basis, as well as provide standalone educational services catering to the specific needs of operators in this region.
We believe that our existing presence, brand name, and physical infrastructure in Delhi, Uttar Pradesh and Rajasthan will assist our expansion and consolidation plans. Additionally, a significant number of students serviced by us through the MPGI institutions are from these three states, and we seek to leverage our close relationship with such students to identify and engage meritorious students to assist in our expansion plans, including by identifying and liaising with other educational operators to whom we can offer educational services.
Additionally, we have also started entry into arrangements with private sector entities to provide and administer vocational training courses to their employees at the MPGI institutions and will continue to enter into such arrangements in order to expand our reach in this market beyond government driven skills development programmes.
We believe that the MPGI brand has been fundamental to the growth of our business and operations since inception, and that this brand, built around quality control will be essential for our continued growth and expansion plans. Given our long term exclusive service arrangements with the three societies that operate the MPGI branded institutions, we have invested a significant amount of our resources, over the last few years, to ensure the identification of the MPGI brand with excellence in all segments of educational services and will continue to do so through various brand building exercises, brand valuation and loyalty initiatives.
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