New Delhi: Private equity firm Blackstone has picked up 37.5 per cent stake in competitive examination preparation firm Aakash Educational Services Ltd for Rs 1,350 crore valuing the institution at USD 500 million (over Rs 3,545 crore), according to sources.
Blackstone, which last week received approval from the Competition Commission of India (CCI) for picking up 51 per cent stake in Aakash Educational Services Ltd (AESL), is keeping options open to hike stake in the institute.
The two companies said their partnership will help in building AESL as India's largest digitally enabled, omni-channel education firm.
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