Reliance
Industries Limited (RIL) today announced that the company has entered into
agreements to acquire about 73 percent stake Embibe, the education technology
solution provider, and will invest USD
180 million (Rs. 1,175 crore) into the
company over the next three years. According
to the present details available, the deal is expected to be closed in 2
months' time.
Reliance
Industries aims to connect over 1.9 million schools and 58,000 universities in
India with technology.
Embibe
is an emerging education technology provider established in 2012 is a growing
company in the education technology sphere.
In
addition, the company will also work to broader its geographical reach and grow
its business together providing services including professional skilling,
vernacular languages and all of the curriculum categories all over India and
even abroad.
Shares
of Reliance Industries Limited closed in BSE at Rs. 938.85 on Friday, in comparison
with the previous close of Rs. 927.55. The
stock hit an intraday peak of Rs. 941.40
and intraday low of Rs. 929.10.
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