Chennai: The central government will set up a National Skill Development Corp (NSDC), a non-profit company, to promote technical training in the country in public-private partnership model, said Finance Minister P. Chidambaram here on Sunday.

Addressing a function organised by Apollo Hospitals, Chidambaram said the NSDC would set up world-class technical institutes across India. The private partners will hold 51 percent stake in the new entity.

He added that the government would contribute Rs.10 million as start-up capital.

It is expected that the company would require around Rs.150 billion investment, which will be raised from private sector players.

The NSDC will set up polytechnics, Industrial Training Institutes (ITI), and other technical institutes to cater to the need of the industrial sector, Chidambaram said.

Participating industries will also be offered equity stake.