Business: Qatari Investment in Indian Education Company
; published on January 17, 2011 at 10:58 am
QInvest, a Qatari investment bank, has acquired a stake in FIITJEE Limited of India, which produces test preparation materials for engineering and medical course entrance examinations.
FIITJEE was founded in 1992 by Dinesh Kumar Goel initially to train students for the highly competitive entrance examinations for the prestigious Indian Institutes of Technology (IITs). Currently, the Company has in excess of 30,000 students enrolled in its coaching programs across 50 centers and 35 integrated school programs in India and the Middle East.
FIITJEE claims IIT acceptance rates of its students ten times above the national average. The education firm has recently expanded its programs to include training for SAT, Olympiads and National Talent Search Examination (NTSE), a national level scholarship program in India to identify and nurture talented students.
Dinesh Kumar Goel, Chairman of FIITJEE, said:
“Partnering with QInvest will help FIITJEE establish a stronger presence in the Middle East, as education represents the key priority in the region, especially Qatar.”
Anuj Khanna, Head of Investment Management at QInvest, said:
“We are very impressed by FIITJEE’s growth and consistent track record over the past decade. Every year in excess of 450,000 students aspire for approximately 9,000 slots at one of the coveted IITs and the number of aspirants continues to increase. The test preparation market in India is estimated to be approximately $2bn and is growing at a rate of 15-20%. FIITJEE is uniquely positioned amongst its competitors as a result of its superior course content, faculty and teaching skills, pan-India presence and outstanding reputation.”
QInvest was licensed by the Qatar Financial Centre Authority in April 2007 and is authorized by the Qatar Financial Centre Regulatory Authority. The firm has authorized capital of US $1 billion and paid up capital of US $750 million.
Led by Chairman H.E. Sheikh Jassim Bin Hamad Bin Jabr Al Thani, and Chief Executive Officer Shahzad Shahbaz, QInvest has created a world class investment banking capability operating under Sharia’a compliant structures, with the highest standards of governance and transparency.
The QInvest shareholder structure includes Qatar Islamic Bank and other institutional investors, as well as prominent high net worth individuals from across the region. The platform offers a broad range of expertise which enables QInvest to deliver a high value service to clients, seamlessly covering advisory, financing and investment needs.
QInvest’s business lines include investment banking, investment management, brokerage and wealth management. The bank has 130 staff and operates across the Middle East, Africa, Turkey, South Asia and South-East Asia, where it identifies high value propositions for clients.