RIL to buy 73% stake in Embibe, plans to invest $180 mn in 3 yrs
NEWDELHI:Reliance Industries Ltd (RIL) on Friday said it has entered into agreements to acquire close to 73% stake in education technology provider Indiavidual Learning Private Ltd (Embibe) and will invest $180 million into the company over the next three years.
“Reliance Industries has entered into agreements on April 12, 2018, to acquire 34,33,767 equity shares of Indiavidual Learning Private Ltd for cash consideration, translating to 72.69% shareholding of Embibe on a fully diluted basis,” the company said in a regulatory filing.
Reliance said it has agreed to invest up to rupee equivalent of $180 million (₹1,175 crore) into Embibe, (including consideration to be paid for acquiring majority stake from existing investors) over the next three years. Speaking on this strategic transaction, Akash Ambani, director, Reliance Jio, said “The investment in Embibe underlines Reliance’s commitment to growing the education sector in India and the world and making education accessible to the widest possible group of students by deploying technology”.
“Reliance aims to connect over 1.9 million schools and 58,000 universities across India with technology,” he added.
Embibe is an emerging education technology provider incorporated in India in August, 2012.
RIL said this investment in education technology is in line with its commitment to invest and grow the education sector in India, and digital and technology businesses. The transaction is expected to be completed in 2 months.