Coaching services provider MT Educare Ltd on Monday announced acquisition of 51% stake in privately held Lakshya Forum for Competitions, a north India-based IIT entrance teaching institute.
MT Educare did not disclose the value of the deal. The total consideration, however, will be paid by MTEL over a period of next three years. “The agreement gives us an option to buy 100% stake in Lakshya up to June 30, 2018,” said Mahesh Shetty, chairman and MD, MTEL. “Moreover, it will help us to get the first mover advantage under the new IIT Entrance exam pattern.”
Also, the deal is aimed to gain stronger foothold in the northern India tutorial market.