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Zee Learn Ltd, the Subash Chandra led Essel Group’s education outlet has agreed to acquire a 44.53% stake in education services company MT Educare Ltd for Rs 200 crore ($31.3 million).
The has also made an open offer to shareholders of Mumbai-listed MT Educare to buy an additional stake of up to 26% as per regulatory requirements, the companies said in separate stock-exchange filings.
Zee Learn CEO Debshankar Mukhopadhyay said, “The acquisition is aligned with Zee’s strategy to increase its footprint across segments in the education sector and consolidate its digital offerings.”
He added that this acquisition will strengthen Zee’s pre-schools and K12 offerings through Kidzee and Mount Litera Zee Schools, respectively, and will mark its entry into the high-growth ed-tech market through Robomate and test preparation through other brands like Mahesh Tutorials, Lakshya and Chitale classes.
