James Murdoch's company infuses $600 mn in Allen Career Institute
New Delhi, May 1 (IANS) Bodhi Tree Systems, an investment platform by former 21st Century Fox CEO James Murdoch and ex-Disney executive Uday Shankar, on Sunday announced to invest $600 million in Allen Career Institute which has a pan-India footprint with a growing presence in the Middle East.
Founded by Rajesh Maheshwari in 1988, Allen is a premier coaching institute for the preparation of JEE (main and advanced), pre-medical (NEET-UG), Classes 6 to 10, NTSE, and Olympiads.
The $600 million investment will help Allen, which has 138 classroom centres in 46 cities in the country, empower millions of students in test-prep and K12 segments.
"Allen's unrivalled success and scale provide the right foundation to build the digital education company of the future. We are excited to work with the Maheshwari family to build an outcomes-focused digital education company that delivers on the aspirations of millions of learners and parents in India and beyond," said Murdoch and Shankar in a joint statement.
Maheshwari said that it has helped create hundreds of thousands of doctors and engineers, who contribute to building India and the society of today.
"Our partnership with Bodhi Tree is an essential ingredient in furthering our mission to significantly increase Allen's reach and impact," he added.
The transaction is expected to close within three months and is subject to requisite approvals.
Bodhi Tree Systems is a newly-formed platform between Lupa Systems Founder and CEO Murdoch and Shankar. Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar, is an investor in Bodhi Tree Systems.
Murdoch most recently served as CEO of 21st Century Fox from 2015 to 2019 and is now a Director of Tesla.