As it nears the launch of its broadband wireless access services in the country, Infotel Broadband, a subsidiary of Reliance Industries, Tuesday said that it has acquired 38.5 percent stake in Extramarks Education, a company focussing on education and digital learning. Also Read - Jio Platforms: Qualcomm Ventures follows Intel Capital to invest Rs 730 crore for a 0.15 percent stake
“The investment in Extramarks has been made through an affiliate company, Reliance Strategic Investments Ltd,” the company said in a statement. Also Read - Reliance to launch e-commerce platform; will go against Amazon, Flipkart, and more
The investment by Infotel will enable Extramarks pursue its aggressive growth plans in further developing services and wider market penetration also by utilising the money in computer-aided programmes. The company endeavours to provide computer-aided learning and reach out to the students in the remotest corner of the country. Its digital distribution model will provide services to the student community across age groups including education support and study help at affordable prices. Also Read - Reliance JioPhone 2 flash sale today at 12PM: Everything you need to know
In the auction for broadband airwaves held last year, Infotel Broadband had emerged as the sole pan-India winner and had paid for Rs.12,847.77 crore for the spectrum. Mukesh Ambani-led Reliance Industries had thereafter announced that the company had acquired a 95 percent stake in Infotel for Rs.4,800 crore (little over $1 billion) to enter the broadband services. The company is expected to launch its broadband wireless access services early next year.