Navneet Education has acquired Chicago-based Britannica’s Indian curriculum business for Rs 88 crore.
Under the agreement, the current Britannica business unit will become an independent company within Navneet and realise considerable synergies with Navneet’s larger Indian group, Naveneet Education said in a statement.
Britannica India’s curriculum division designs and develops educational products for the Indian region used by nearly five million students across India and Indian schools abroad.
By partnering with Navneet, Britannica India’s curriculum business will expand its product range and further accelerate its growth, it added.
“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,” Navneet’s Director Anil Gala said.
The company will market Britannica’s existing India-specific curriculum titles, such as ‘Know for Sure’ and ‘The English Channel’ as well as develop new titles under Britannica’s brand, editorial supervision and guidelines for seven years.
Britannica will continue to offer in the region its digital education solutions.
“We look forward to a fruitful collaboration and partnership. 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,” Britannica President Jorge Cauz said.