New Delhi : Reliance Industries (RIL) on Friday said it has entered into agreements to acquire close to 73 per cent stake in education technology provider Indiavidual Learning (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 per cent shareholding of Embibe on a fully diluted basis,” the company said. Reliance said it has agreed to invest up to rupee equivalent of $180 million (Rs 1,175 crore) into Embibe, over the next three years.
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”.