The Competition Commission of India (CCI) has approved acquisition by Manipal Health Systems Private Limited and MEMG Family Office LLP in Aakash Educational Services Limited.

Manipal Health Systems Private Limited (Acquirer-1) is a company resident in India engaged in the business of running/ managing hospitals and providing healthcare services.

MEMG Family Office LLP (Acquirer-2), incorporated in India, is a limited liability partnership firm and ultimately belongs to the Pai Family Group. Acquirer-2 is engaged in the provision of consultancy services in India.

Aakash Educational Services Limited (Target) is a public unlisted limited company incorporated in India under the Companies Act, 1956. The Target (directly or through its subsidiary or through its franchisees) is engaged in providing the following services: (a) coaching services supplementing their classroom learning curated learning resources for class 8; (b) preparatory coaching services for junior competitive scholarship tests and merit-based entrance tests, such as Olympiads and NTSE; (c) coaching services supplementing their classroom learning curated learning resources for class 9 to 10; and (d) coaching services supplementing their classroom learning curated learning resources for science stream for classes 11 and 12. The Target offers its services through multiple modes such as classroom-based coaching, online learning, distance learning and hybrid learning programmes.

The transaction in relates to -

The allotment of identified equity stake in the Target to the Acquirer-1 (Transaction-1);

The right to seek transfer of certain equity shares of the Target (Transaction-2) [Transaction-1 and Transaction-2, together, referred to as the ‘Notified Transactions’].

CEPL is the parent/holding entity of NTCPL.

NTCPL is the parent entity of CRPL. NTCPL would commence the business of providing Business Onboarding and Integration Services.

CRPL is engaged in B2C and B2B sale of products to customers on the Amazon India Marketplace.

Detailed order of the CCI will follow.

Competition approval: acquisition of a test-prep provider cleared, covering equity allotment and share-transfer rights and corporate structuring. The Competition Commission of India approved an acquisition in Aakash Educational Services Limited whereby Manipal Health Systems Private Limited will receive an identified equity allotment and MEMG Family Office LLP will obtain rights to seek transfer of certain equity shares; the announcement notes related group relationships and business activities and states a detailed CCI order will follow.