IDFC PE-backed arm of the Manipal
group seeks to build and manage student accommodations across the country as an
extension of its education services business.
Manipal
Integrated Services Ltd, a part of Manipal Education and Medical Group (MEMG)
has acquired Bangalore-based Woodstock Ambience, gated living provider for
students and young professionals, for an undisclosed amount, according to the
company.
Founded
in 2000, Woodstock has been in operation for over seven years. It is one of
India's first campus style residence for post-graduate students and young
professionals. The company offers facility management services to educational
institutions, hospitals, corporate houses, research laboratories and
hospitality institutions.
Woodstock
is built on over two acres of land with single and double occupancy options
which can accommodate over 1,000 people.
"Woodstock
matched our requirements of providing a campus with facilities that encourage
smart community living for students and young professionals. Woodstock has
clientele like IBM, Infosys, Hewlett-Packard, TATA Consultancy Services and
Wipro," said K Shobhit Agarwal, CFO of Manipal Integrated Services.
Incorporated
in 2004, Manipal Integrated Services (formerly Manipal Servicecorp Facility
Management Pvt Ltd) provides facility management services. It offers healthcare
facility management, ancillary, engineering and food services.
It
also seeks to build and manage student accommodations across the country as an
extension of its education services business. The latest acquisition marks the
first big move in tune with that strategy.
Last
November, IDFC Private Equity Fund III, a fund managed by IDFC Alternatives Ltd
had invested $18.10 million (Rs 100 crore) to pick a 40 per cent stake in the
firm.
Manipal
Education and Medical Group operates educational and healthcare institutions in
India and internationally. It offers education and healthcare, continued
medical education and distance education services. It also engaged in research
of genomics, genetics and stem cells.
Source: VCCircle (Edited by Joby Puthuparampil
Johnson)
BY Bhawna Gupta
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