Competition watchdog CCI on Tuesday said it has approved Ranjan Pai-led Manipal Group's proposal to acquire a stake in Aakash Educational Services from its founder JC Chaudhry.
Manipal Group through its affiliates -- Manipal Health Systems and Manipal Education and Medical Group India (MEMG) -- will acquire stakes in New Delhi-based Aakash Educational Services.
"The transaction relates to the acquisition of equity shares in the target (Aakash Educational Services Ltd) by the acquirers (Manipal Health Systems and Manipal Education and Medical Group India) from JC Chaudhry, an individual shareholder in the target," the Competition Commission of India (CCI) said in a release.
Pai is the largest shareholder having a 40 per cent stake in Aakash Educational Services.
Manipal Health Systems operates hospitals, while Pai Family Group-owned MEMG offers consultancy services.
"CCI approves combination involving acquisition in Aakash Educational Services Ltd by Manipal Health Systems Pvt Ltd and Manipal Education and Medical Group India Pvt Ltd," the regulator said in a post on X.
Aakash Educational Services provides comprehensive test preparatory services for students preparing for medical (NEET) and engineering entrance examinations (JEE) and competitive exams.
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