NIKHIL Gandhi-controlled SKIL Infrastructure, the promoter of Pipavav Shipyard, is likely to acquire a majority stake in Chennai-based Everonn Education to enter the country’s fledging education industry.

 The board of Everonn, which sells information and communication technology (ICT) products to government and private schools, will meet on Monday to approve the sale of redeemable optionally convertible debentures to SKIL, said a person close to the matter.

 On conversion of debentures, SKIL will hold more than 15% equity stake in Everonn. Then it will launch a 20% open offer to the minority shareholders of Everonn. Post the offer, SKIL will be the largest shareholder of Everonn, said the person who did not wish to be named.

 Mr Gandhi was not available for comments as he was abroad. Everonn managing director P Kishore declined to comment. The Everonn promoters’ shareholding will come down from the existing 26%, post the conversion of debentures into equity shares.

 Everonn is a leading player in India’s ICT products, which is worth $200 million and is growing at 65% CAGR, according to a report by Kaizen, a PE player. It recently entered into the K-12 school education segment, which is pegged at $20 billion and is growing at a CAGR of 14%. Everonn was Incorporated in 1987 by a team of educationists

 Everonn has launched Kompass is a network of futuristic Training & Testing Retail Education Franchise Centers in more than 45 locations (28 Plus Franchised) all over India, offering an array of Testing & Training Programs, International Certifications & Career Guidance Services. The Kompass Franchise is the official Testing Partner for ETS and Prometric Inc, for conducting international competitive tests like TOEFL, GRE, USMLE, PMI, etc. for admissions in international colleges & universities. The SKIL group will get their presence in the competitive education franchise business in India. Everonn has plans to franchise a chain of schools across India, like the several other school franchises that include Zee School, Eurokids, Podar Education, Delhi Public School, GD Goenka and so on.

 A few years ago, Mr Gandhi had made an abortive attempt to set up an engineering school in Gujarat where his flagship Pipavav Shipyard is based. He had signed an agreement with IIT Bombay but the project did not take off.

 Nitin Nohria, the dean of Harvard Business School, and Sumantra Ghoshal, the late co-founder of Indian School of Business, Hyderabad, and professor at London Business School, were on the SKIL board.