PremjiInvest, a fund promoted by Wipro Group Chairman Azim Premji, has invested Rs 200 crore in the Manipal Universal Learning, the corporate education arm of the Manipal Group.

The funds are to be used for the Manipal Group's $100 million (approx Rs 460 crore) expansion plans in India and abroad over the next few years. It is likely to use the proposed funds for the construction of a new 2,00,000 sq ft academic block in Dubai, expansion of its Malaysia campus where it plans to build a new dental block, setting up 500 training centres under vocational training arm Manipal City and Skills Training, a technology upgrade across the group and an upcoming campus in Jaipur, and for the Phase II construction of its campus in Antigua. In the Phase I, it had invested $30 million (approx Rs 140 crore) in the Antigua campus.

Manipal Education and Medical Group will continue to be the majority shareholder in the company, while the rest is to be held by PremjiInvest and existing PE investors, Capital International and IDFC Private Equity, which had invested $80 million (approx Rs 400 crore) in 2006.

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