 "Infotel Broadband Acquires Stake In E-Learning Firm")
As it nears the launch of its broadband wireless access services in the country, Infotel Broadband, a subsidiary of Reliance Industries, said that it has acquired 38.5 percent stake in Extramarks Education, a company focussing on education and digital learning.
“The investment in Extramarks has been made through an affiliate company, Reliance Strategic Investments Ltd,” the company said in a statement.
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.
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.