RIL Ventures Into Education; To Buy 73% Stake In Embibe

Subscribe to GoodReturns
For Quick Alerts
For Daily Alerts

    Mukesh-Ambani led Reliance Industries after disrupting the telecom industry with 'Jio' is now to enter the education space with stake acquisition in Embibe, an educational technology solutions provider. RIL has announced plans to acquire 73% stake in the company by buying 34,33,767 equity shares of Indiavidual Learning Private in cash which translates to the stated stake in the edu-tech firm on a fully-diluted basis.

    RIL Ventures Into Education; To Buy 73% Stake In Embibe

    The company also has plans to invest a sum of $180 million (equivalent to Rs. 1,175 crore), which includes the financial consideration to be paid for a majority stake, over a period of three years time.

    Akash Ambani, Director, Reliance Jio, asserted the rationale for the deal by saying that the stake in Embibe is in line with Reliance Industries' commitment to grow education in India and abroad. In a statement Akash Ambani said, "Reliance aims to connect over 1.9 million schools and 58,000 universities across India with technology".

    As per the current details available the deal is expected to be closed in two months' time subject. It is to be noted that the transaction does not need any regulatory approval.

    Embibe established in the year 2012 is a growing company in the education technology domain. Through the transaction, Embibe will gain access to the much needed capital from RIL which will help the company to augment its R&D capabilities in Artificial Intelligence in education. Additionally, the company will also work to broader its geographical reach and grow its business at the same time by providing services including professional skilling, vernacular languages and all of the curriculum categories throughout India and even abroad.

    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more