Everstone Capital and the International Finance Corporation (IFC), the private sector investment arm of the World Bank, and have invested $27 million in Indian publisher and content provider S Chand.
Everstone’s investment was made through Everstone Capital Partners II, a 2011-vintage vehicle that closed at $580 million. The exact terms of the transaction were not disclosed.
The investment will be used to scale up operations in education publishing and the digital education space which will enable S Chand to reach more students and to create skilled jobs, according to a statement.
“IFC’s investment, in addition to global expertise in the education industry, will be used to extend S Chand’s leadership position in the knowledge services business, support our pan India expansion strategy and augment textbooks with multimedia and digital delivery content,” said Himanshu Gupta, joint managing director of S Chand.
Headquartered in New Delhi, S Chand is a leading company in educational publishing. The company has offices in 26 cities across India and has printing facilities at Rudrapur, Uttarakhand and Sahibahad, Uttar Pradesh.
Last month, Everstone acquired a controlling stake in Bangalore-based auto components maker SJS Enterprises. In September, the firm held a final close for its Fund III at its hard cap of $730 million, as reported by Private Equity International.