Private equity player IDFC Alternatives today said it has invested Rs 100 crore in education major Manipal Group's management business.
"IDFC Alternatives, through IDFC Private Equity Fund III, has invested Rs 100 crore or $18 million in Manipal Servicecorp Facility Management (MSFM), promoted by the Manipal Education and Medical Group," an IDFC statement said.
IDFC, however, did not mention the stake it would pick up in the investee company nor did it divulge as to how the money would be utilised.
The MSFM currently services clients like CapGemini, Cisco and Titan Industries, and is repositioning itself as a student-living services and facilities management provider to education institutes in the country and abroad, the statement said.
Student-living services will first be rolled out at the group-promoted Manipal University in Jaipur and TA Pai Management Institute in Manipal which will be followed by its banking training vertical in Bangalore, it said.
Commenting on the investment, IDFC Alternatives managing partner Satish Mandhana said, "Upgrading the social infrastructure, including our educational institutions, will be vital to the country's economic growth."
The statement said this is the company's second investment in the education services space and third partnership with the Manipal Group.