Mukesh Ambanis Infotel buys 38.5% stake in Extramarks Education

Mukesh Ambani-owned Infotel Broadband Services has acquired 38.5 per cent stake in digital learning solutions firm Extramarks Education

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Mukesh Ambani-owned Infotel Broadband Services has acquired 38.5 per cent stake in digital learning solutions firm Extramarks Education,a move that will help Reliance Industries (RIL) to strengthen its content pipeline as it looks to launch its broadband services soon.

The investment has been made through an affiliate company Reliance Strategic Investments for an undisclosed amount. There will be no dilution of equity in Extramarks and RIL will infuse fresh capital.

The investment by Infotel will enable Extramarks to pursue its aggressive growth plans in further developing services and deepening market penetration. The funds will be used for executing computer-aided learning projects and new technologies.

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Extramarks digital distribution model provides students with education support and study help at affordable prices.

Last year,Reliance Industries had acquired 95 per cent stake in Infotel Broadband for Rs 4,800 crore. Infotel Broadband is the only company which won broadband spectrum in all 22 circles in India,paying Rs 12,848 crore for the spectrum. Infotel is expected to launch its high speed broadband wireless access services soon.

The acquisition is expected to strengthen Infotels content portfolio and help grow its education sector business.

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