Manipal Group Submits EoI for BYJU’S Parent, Eyes Stronger Hold on Aakash
The Manipal Education and Medical Group (MEMG), led by Dr. Ranjan Pai, has filed an Expression of Interest (EoI) to join the insolvency resolution process of Think & Learn Pvt Ltd, the parent company of BYJU’S. This marks the group’s second submission after the deadline extension, with MEMG seeking access to financial and operational details to evaluate a potential revival plan.
As part of the Insolvency and Bankruptcy Code norms, MEMG has submitted all required affidavits, confidentiality agreements, and eligibility documents. The Resolution Professional will now verify the application and release a provisional list of resolution applicants. MEMG is reportedly the only entity to have submitted an EoI so far, underscoring its strategic interest as the insolvency process continues before the NCLT.
The bid also ties into MEMG’s growing stake in Aakash Educational Services, where it has invested nearly ₹100 crore through the ongoing rights issue. With Aakash planning to raise ₹240 crore, MEMG’s consolidation follows earlier acquisitions that lifted its stake to around 40 per cent. BYJU’S, battling creditor claims and financial stress, had acquired Aakash for $950 million in 2021 but has since struggled with control amid legal disputes and management exits.
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