Navneet, a premier publisher of educational, general interest and children’s books and a manufacturer of scholastic paper stationery has announced the company has finalised an agreement with Britannica to acquire the latter’s Indian curriculum business, for around Rs 88 crore.
Navneet was founded by the Gala Family in 1959 and provides its syllabus-based content in print and digital media.
During the announcement, Britannica’s curricular business Navneet’s Director, Mr Anil Gala said, “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.”
Britannica India’s curriculum sector develops educational products for the Indian region used by nearly five million students across India and Indian schools abroad.
Under the agreement, the current Britannica business unit will become an independent company within Navneet and will realise synergies with Navneet’s larger Indian group.
Having its headquarters in Chicago, Britannica Inc. will continue to offer its award-winning digital education solutions in the region as earlier.
Navneet education 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.
“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,” said Jorge Cauz, president, Britannica Inc.
It will receive significant resources, both companies said, and will benefit from its parent company’s knowledge of the Indian publishing market.
Navneet Education has moved higher to its 52-week high of Rs 115, up 6% on BSE in intra-day trade soon after the company made the announcement of the merger.
Recently,The Gala Family, promoters of Navneet Education Ltd. (www.navneet.com), have made a strategic investment of an undisclosed amount in the Mumbai-based school uniform and supplies company SchoolWear Private Limited (www.schoolwear.in).