Delhi firm LexCounsel has advised on a joint venture (JV) agreement between public listed education service provider Educomp Solutions Limited (ESL) and Lavasa Corporation to set up four educational institutes to benefit from investment opportunities in the booming education sector.

The joint venture agreement entered into by a subsidiary of ESL with Lavasa Corporation aims to build residential schools facilitated through independent trusts in a city called Lavasa near Pune.

LexCounsel partner Seema Jhingan and senior associate Varsha Gupta led for ESL while Lavasa was represented by its in-house counsel Arun Bodupali. The JV was finalised in the last week of April.

Jhingan told Legally India: "The joint venture would facilitate setting up an International Baccalaureate residential school in partnership with an independent non-profit organisation. The venture also plans to set up two pre-primary schools and one more residential day school in the next three years."

The firm has also assisted ESL in structuring and advised on the outsourcing and transfer of the Smart Class Contracts executed by the company with various schools.

LexCounsel has profited from the recent boom in the education sector, having advised on Educomp on its June 2009 JV with the UK's Pearson Group and assisting Leapstart Trust on setting up an education venture capital fund.