The Competition Commission of India has approved the combination involving acquisition in Aakash Educational Services Limited by Manipal Health Systems Private Limited and Manipal Education and Medical Group India Private Limited.

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

Manipal Education and Medical Group India Pvt Ltd (Acquirer 2) is a company registered in India and is owned and controlled by resident Indians. Acquirer-2 is engaged in the provision of management consultancy services in India (Acquirer-1 and Acquirer-2 are collectively referred to as the ‘Acquirers’).

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 relates to the acquisition of equity shares in the Target by the Acquirers from Mr. J. C. Chaudhry, an individual shareholder in the Target (Combination).

Detailed order of the Commission will follow.

Combination approval: acquisition of Aakash Educational Services by Manipal entities cleared under merger control; detailed order to follow. The Combination Approval concerns the acquisition of equity shares in Aakash Educational Services Limited by Manipal Health Systems Private Limited and Manipal Education and Medical Group India Private Limited, both resident Indian acquirers, by purchase from an individual shareholder. The acquirers operate in healthcare services and management consultancy respectively. The Target provides coaching and preparatory educational services across multiple class levels and competitive tests through classroom, online, distance and hybrid delivery. The Competition Commission of India has approved the combination and a detailed order will follow.