British education and publishing conglomerate Pearson Plc Tuesday acquired the stake of Educomp Solutions in their equally-owned joint venture, IndiaCan, for an undisclosed amount, scaling up its operations in India.
With this buyout of Educomp's 50 percent shareholding, Pearson has become the sole owner of IndiaCan, said a Pearson release.
In 2009, Pearson and Educomp had started IndiaCan Education Pvt. Ltd. to offer vocational training.
"Taking complete ownership of IndiaCan represents another milestone for our ambitious plans in India and follows a similar buy out at TutorVista, the Bangalore-based learning services company," said Bhavneet Singh, president, Global English and informal learning at Pearson India.
"IndiaCan has developed market leading expertise in retail and vocational training and support that will supplement Pearson's goal to help improve learning outcomes for students throughout India," he added.
In February, Pearson had acquired 100 percent stake in TutorVista, the Bangalore based education services company with interest in schools, online tutoring and Internet and communication technologies.