Reliance Industries’ subsidiary -- Indiavidual Learning (Embibe) has acquired equity shares of eDreams Edusoft (Funtoot) for a cash consideration of Rs 71.64 crore representing 90.5% holding in the equity share capital of Funtoot.
Embibe proposes to make a further acquisition of equity shares of up to Rs 10 crore, subject to Funtoot achieving agreed milestones. The further acquisition is expected to be completed by December 2021 and the shareholding of Embibe will thereafter increase to 100% of the equity share capital of Funtoot.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
