Qatar’s largest investment bank QInvest has bought a stake in Indian student coaching organistion, Fiitjee, the company said on Monday.
The value of the deal, which marks QInvest’s third deal in India, was not disclosed.
Fiitjee offers tutoring to students preparing for engineering entrance exams in India’s technology colleges. The tie-up will pave the way for Fiitjee’s expansion into the Middle East market, said Anuj Khanna, head of investment management at QInvest.
“Every year in excess of 450,000 students aspire for approximately 9,000 slots at one of the IITs (Indian Institutes of Technology) and the number of aspirants continues to increase.”
QInvest, whose shareholders include Qatar Islamic Bank, has looked outside its borders in recent months in a bid to diversity its investment portfolio.
The bank has applied for a licence to operate in Saudi Arabia and aims to enter the kingdom this year, and is also mulling expansion into Turkey and the UAE.
In February last year, QInvest acquired a 25 percent stake in Mumbai’s Ambit Group. The two firms launched a sharia compliant fund in India in December.
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