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IEC Education Chairman's Speech > Engineering - Heavy > Chairman's Speech from IEC Education - BSE: 531840, NSE: N.A
IEC Education
BSE: 531840|ISIN: INE172B01017|SECTOR: Computers - Software Medium/Small
Apr 07, 17:00
IEC Education is not listed on NSE
Mar 08
Chairman's Speech (IEC Education) Year : Mar '09
I have great pleasure in welcoming you to the 15th Annual General
 Meeting of your Company The entire world economy has gone through 
 the most challenging period of its time during last year. The 
 unprecedented financial crisis considered as worst since the Great 
 Depression has brutally shaken the foundations of some of the 
 strongest economies in the world. India has also not been untouched 
 by this but at an cumulative level our country has displayed 
 commendable resilience to it. Despite of pall of gloom on us, there 
 are reasons to remain optimistic andconfident
 The more-than-a-billion population of India calls for a vast education
 system, which has observed a high growth rate. This growth rate has
 become more rapid recently with globalisation and entry of a number of
 global organisations in corporate and education sector in particular.
 India currently has over 400 universities and more than 20,000 colleges
 with an enrolment of around 14 million students. In spite of these
 numbers, India still faces a lack of adequate infrastructure in higher
 education. This is in light of the fact that institutions in India can
 accommodate only 7-8% of the countrys college-age students.
 The recent initiatives and high-level discussion among the bureaucratic
 circles and industry chambers to bring changes in the education sector
 have brought hopes of a new thrust in strengthening Indias position as
 a global knowledge hub.  However, the Governments expenditure pattern
 indicates that a rapid scaling-up of infrastructure for
 highereducation will not be within reach in the near future.
 Considering that the Planning Commission has identified a resource gap
 of INR 2.2 trillion, it seems unlikely that the Government alone will
 be able to meet optimum infrastructure requirements.
 Owing to constrained investment, the sector is unable to cope with
 growing market demand and global competition. Increased private
 investment is thus imperative to expand infrastructure and provide
 greater access to quality higher education in India.
 Gone are the days when educational institutes were started with the
 sole aim of knowledge dissemination. The future belongs to
 educationists who believe in knowledge creation through high quality
 research and development. For this the institutes will have a strong
 focus on providing world-class ambience and infrastructure in which
 intellectual capital will thrive and bloom.  India will thus be a
 knowledge hub where the public funds will be
 used for teaching, coaching and learning. In this way the educational
 institution will indulge in infinite value creation for the society.
 K12 Education:
 India has the largest population globally in the K12 age group.
 Despite a mere 37% of the K12 age group net enrolled on school rosters,
 private spends on K12 schools stand at an astounding bn - which
 makes the segment the largest within IES. The large market can be
 explained by a consistent shift towards private schools -catalyzed by
 the absence of quality public schools and growing awareness about
 importance of quality education as also increasing ability and
 willingness of Indians to pay.
 Within the private K12 space, the last decade has seen a gradual shift
 from private aided to private unaided (i.e. costlier) schools.  This
 clearly indicates that more and more parents now prefer to spend
 substantially higher amounts in their quest for better quality of
 education for their children. Driven by such price discovery and
 growing acceptance of private schools as the medium for quality
 education, the market for K12 is expected to reach bn by 2012.
 Your Company is in process of entering agreements with trusts
 possessing land for the joint development of schools. The Company has
 already identified Two Sites (Alwar and Solan) for the school and is
 waiting for the concerned trust to get possession of lands from
 relevant authorities. The Company has entered into agreement with VET
 for the joint development of Senior Secondary School along with Womens
 Engineering College at Alwar. VET as part of its obligation has already
 made 50% of payment towards land cost and rest 50% will be made by
 August 2009. Once VET gets the possession of land it will apply to
 statutory bodies for necessary approval.
 During the year under review, your company has also done work on the
 finishing schools and in the line of the same, amalgamation of
 erstwhile VEF Information Systems Pvt ltd with IEC EDUCATION LIMITED
 has approved by the Honble High Court of Delhi, which was involved in
 providing the technical and other support services to the vocational
 institution in North India. Due to the amalgamation with a profit
 making concern having a good brand value in the market, management has
 opinion that abovesaid amalgamation will be beneficial for the company
 in the terms of increasing quality of the services as well as
 increasing the profitability of the Company.
Source : Dion Global Solutions Limited
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