New Delhi: The National Skill Development Corporation (NSDC) said on Wednesday that it has entered into an agreement with city based vocational staffing group Empower Pragati Vocational and Staffing to train over 20 lakh youngsters in the country over ne xt 10 years.
The agreement also gives a right to NSDC, a Ministry of Finance initiative, to take a 10 per cent equity stake in Empower immediately, as well as an additional 16 per cent later.
"NSDC has decided to enter into an alliance with Empower Pragati Vocational and Staffing Private (EP) to skill more than 20 lakh youth in different trades across 56 towns and cities over a 10-year period," NSDC said in a statement.
It said as part of the deal NSDC would extend a loan of Rs 18.91 crore to the project which would focus on training for ITeS/BPO, tourism, hospitality and travel and organised retail segments.
"As part of the deal, the NSDC would have a right to take a 10 per cent equity stake in Empower immediately, as well as an additional 16 per cent later," it said.
However, the company has not yet taken any decisions to purchase the stake. A total of 598 centres would be set up across the country by NSDC and EP jointly for the project.
NSDC, formed in 2009, is a joint venture between the government and industrial associations for developing skilled workers. It seeks to train at least 1.2 lakh people this fiscal, the first full year of its operation.
NSDC has a mandate to train people in 21 focus sectors identified by the government, through funding of training ventures of profit and not-for-profit organisations.
The body was set up under the Centre's 11th Five-Year Plan with the objective of creating a pool of skilled people in line with the requirement of the industry, trade and service sectors.
It had received seed capital of Rs 1,000 crore from the government at the time of formation.
In September, NSDC entered into a joint venture with Bharti Enterprises' associate company Centum Learning, which aims to provide training to 1.15 crore youths by 2022. - PTI