Literary

Navneet acquires Britannicas India curriculum division

by ibns 26 Oct 2016, 09:02 am

Mumbai/New Delhi, Oct 26 (IBNS): Navneet Education Ltd announced on Wednesday that they have reached an agreement to acquire Britannicas Indian curriculum business.

This strategic move will help expand Navneet’s range of curricular offerings in the Indian school market, nationally.

Britannica India’s Curriculum Division designs and develops educational products for the Indian region used by nearly 5 million students across India and Indian schools abroad. 

By partnering with Navneet, Britannica India’s curriculum business will expand its products range and further accelerate its growth.

Under the agreement, the current Britannica business unit will become an independent company within Navneet and will realize considerable synergies with Navneet’s larger Indian group. 

The company will market Britannica’s existing India-specific curriculum titles, such, ‘Know for Sure’ and ‘The English Channel’ as well as develop new titles under Britannica’s brand, editorial supervision and guidelines for 7 years.

The company led by its current chief executive Sarveshwar Shrivastava together with the entire team, both companies said, will benefit from its new parent company’s knowledge of the Indian educational and publishing markets.

Chicago-headquartered Britannica Inc. will continue to offer in the region its award-winning digital education solutions.

Announcing the acquisition of Britannica’s curricular business Navneet’s Director,  Anil Gala said, “The coming together of the two companies will help enhance Navneet’s footprint and access to newer markets. It will also significantly augment Navneet’s intellectual property.”

Britannica Inc. President Jorge Cauz commended Navneet for its commitment to continue Britannica’s tradition of editorial excellence. 

“We look forward to a fruitful collaboration and partnership,” said Cauz. “We intend to work closely with Navneet to find ways to benefit from our shared commitment to serve the students, teachers and schools of India,” he said.

Navneet is looking to invest Rs.85-90 crore for this business.