Nexgen acquires ICFe, eyes revenue of Rs 250 crores by 2010

New Delhi, Mar 9 (UNI) Nexgen Edu solutions Pvt Ltd has acquired banking and accountancy training firm Institute of Computing and Finance Executive (ICFe).

''We have already invested Rs 15 crore in the venture and will put in an additional Rs 10 crore in the next one year for the expansion of ICFe network,'' Nexgen Edu Soulution MD Santosh Mangal told reporters.

The company proposes to increase the number of ICFe branches to 200 from the current 41 by year end, ''we are targeting northern states like UP, MP, Rajasthan, Chattisgarh and Punjab. In phase two, we are looking at the southern and eastern parts of the country,'' Mr Mangal said.

Nexgen has partnered with IIM Lucknow for a curriculum revamp while HCL Infosystems will handle the IT infrastructure.

HCL will put in about Rs 2-3 lakhs per branch and expects a business of Rs 5-10 lakhs per branch to be generated after a year.

''We will also provide computers and laptops to students at subsidised rates which will also bring in revenues,'' HCL National Manager (Country Business) Kumar Ranjan told UNI.

The Nexgen Group is eyeing a revenue of Rs 350 crores by 2010.

After the current acquisition it has become a Rs 100 crore group, Mr Mangal added.

Nexgen would also provide a basic English course in collaboration with Liqvid in association with BBC Active.

''Nexgen also plans to enter the vocational training for school segment. It will also be through the in-organic route, but we will look at it only after a year, Mr Mangal said.

The finance industry is growing at 40 per cent annually and is expected to face the shortage of 2,00,000 finance professional by 2009.

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