India: HT Media buys out Apollo Global’s stake in education JV

Indian media giant HT Media Ltd, has agreed buy out its joint venture partner Apollo Global Singapore Holdings Pte. Ltd‘s 49 per cent stake in India Education Services Pvt Ltd.

In December 2011, HT Media had partnered with the affiliate of Apollo Global, Inc. (USA), to form a 50:50 joint venture company to provide educational services and programmes in the country.

According to a stock market disclosure HT Media will initially buy 49 per cent of Apollo Global’s stake in India Education Service for Rs 58 crore (around $9 million). The remaining 1% stake held by Apollo Global will be transferred to HT Media after five years, it added.

Subsequently, India Education Services will become a subsidiary of HT Media Ltd with 99 per cent equity ownership.

The transaction is scheduled to be closed by June end.

At present,India Education Services operates Bridge School of Management with two centres in Noida and Gurgaon. It offers various online and in-person professional certificate programmes, including predictive business analytics, general management and project management.

HT Media, which publishes Hindustan Times, Hindustan, and Mint,  counts products like HT Education, HT focuses on the guiding students towards their preferred careers; HT-PACE, an initiative to bring the newspaper to classrooms across the country, events such as Campus Calling, Hum se Poocho, HT Horizons mission MBA, Hindustan Times Aspirations etc.

It also runs learning centres, StudyMate, which aims at providing supplementary coaching to higher education students.

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