QInvest buys stake in Indian education company Fiitjee

Deal marks Qatar bank’s third in India, size of stake not disclosed
QInvest buys stake in Indian education company Fiitjee
GROWTH STRATEGY Qatar-based QInvest has looked outside its borders in recent months in a bid to diversity its investment portfolio (ITP Images)
By Joanne Bladd
Mon 17 Jan 2011 12:08 PM

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.

 

For all the latest education news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.