New Delhi, Oct. 21: Modi Enterprises today announced a 50:50 joint venture with US-based Apollo International Inc to launch a business management school in New Delhi.
The school, Modi Apollo International Institute (MAII), will be affiliated to Western International University (WIU), a private university in the US.
The first campus has come up in the city’s Lajpat Nagar area at a cost of $ 2 million. A sum of $ 1 million has been invested by Modi Enterprises through group company Charu Investments. Charu Modi Bhartia, daughter of Modi Enterprises chairman K. K. Modi is overseeing the whole project.
Apollo International chairman Jorge Klor de Alva and Charu Modi both said that the target is to open over 30 campuses—each costing about $ 2-3 million—in 10 years.
Commenting on the spurt of B-schools launched by companies, Charu Modi said, “There is a huge gap between the number of good B-school applicants and the number of seats available in the premier institutions”. “The returns on such ventures are long drawn out, but we are entering the education sector as long-term players”.
MAII will offer a Master’s degree programme and short-term courses in business administration and information technology (IT). The first batch of MBA classes commences on November 20. From June next year, it will also offer Bachelor’s degree courses in management and IT.