CCI Approves Manipal Health's Stake Acquisition in Byju's Owned-Aakash Educational Services

The Competition Commission of India has approved the acquisition of a stake in Byju's-owned Aakash Educational Services by Manipal Health Systems and MEMG Family Office LLP. Manipal Health Systems, which operates hospitals, seeks equity in Aakash, which provides a variety of educational services. The transaction is part of Byju's ongoing efforts to stabilize its financial situation.

The Competition Commission of India on Tuesday cleared Manipal Health Systems and Ranjan Pai's MEMG Family Office LLP to acquire a stake in Byju's-owned Aakash Educational Services.

Manipal Health Systems, known for its healthcare services, and MEMG, a consultancy service by the Pai Family Group, plan to gain equity in Aakash Educational Services, which offers a variety of coaching programs. This decision follows Ranjan Pai's substantial investments, including a $300 million equity conversion.

Byju's parent company had previously acquired Aakash for $950 million in 2021 but has faced significant financial and legal challenges. Recently, the NCLT initiated bankruptcy proceedings against Byju's, freezing its assets and suspending its board. Byju's, which failed to pay a substantial amount to BCCI, has appealed the order.