CCI approves Aakash Institute acquisition
Kanwar Inder Singh/ royalpatiala.in
The Competition Commission of India (CCI) approves the proposed combination relating to Think & Learn Private Limited (BYJU’S) acquisition of certain stake of Aakash Educational Services Limited (AESL) and thereafter merger of BYJU’s and AESL under Section 31(1) of the Competition Act, 2002, today.
The proposed combination will result in merger of AESL into BYJU’S, as a consequence of which, BYJU’S will be the surviving entity. As such, BYJU’S shall effectively acquire complete and sole control over AESL.
BYJU’S is a private limited company incorporated in India. BYJU’S, directly and through its subsidiaries, provides online educational services. It offers a technology-based education platform for primary and secondary school subjects, overseas and domestic test preparatory coaching services for entrance examinations for engineering, medical, etc.
AESL is an unlisted public limited company incorporated in India. AESL (directly, or through its subsidiary Aakash Edutech Private Limited, or through its franchisees) provides curriculum-based coaching for K-12 students and test preparatory services for various competitive examinations such as, engineering examinations, medical examinations, Olympiads, National Talent Search Examination, etc.
Detailed order of the CCI will follow.
Earlier, India’s biggest online-education startup Byju’s on had said that it has acquired test prepration leader Aakash Educational Services Ltd through a strategic merger. Bjyu’s added that it will make further investments to accelerate Aakash’s growth.Post-acquisition, Aakash Educational Services will continue to function independently under the leadership of Founder JC Chaudhry and Aakash Chaudhry.
Aakash Educational Services runs Aakash Institute, which has over 200 brick and mortar centers and tutors students to gain entry into the country’s elite engineering and medical schools.
June 13,2021
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