Navneet Education Ltd said on Wednesday it has agreed to acquire the Indian schools’ curriculum-based business of Encyclopaedia Britannica Inc. for Rs 85-90 crore ($12.7-13.5 million) in cash.
The acquisition of Encyclopaedia Britannica India Pvt. Ltd will enhance Navneet’s footprint and provide access to newer markets, the education company said in a stock-exchange filing. It will also augment the company’s intellectual property, Navneet director Anil Gala said.
Britannica India was set up in 1998 and started its publishing operations in 2009. It posted revenue of Rs 74.90 crore for the year through March 2016, up from Rs 59.96 crore the year before and Rs 45.75 crore in 2013-14.
Britannica India’s curriculum division develops educational content used by nearly five million students across India and Indian schools overseas. Under the agreement, the Britannica business unit will become an independent company within Navneet. The Chicago, US-based Britannica Inc. will continue to offer its digital education solutions.
Mumbai-based Navneet Education was founded by the Gala Family in 1959. It publishes educational and general content in print and digital medium, and makes stationery products.
Navneet launched its digital learning business eSense in 2009. The same year it started its chain of pre-schools under Leapbridge Education. Leapbridge now has seven pre-Schools in Pune and Mumbai, according to the company’s website. Navneet entered the school management business in 2011 and now has 73 schools under management, the website shows.
The company posted revenue of Rs 931.12 crore for the year through March 2016, down from Rs 959.37 crore the year before. Net profit slipped a tad to Rs 127.8 crore from Rs 129.3 crore.
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