Qatar bank acquires stake in FIITJEE

 A Qatari investment bank, QInvest, has acquired a stake in India's FIITJEE Ltd, a test preparation company for engineering and medical entrance examinations, a joint statement has said.

The actual value of the stake was, however, not revealed.

FIITJEE, at present, has over 30,000 students enrolled in its coaching programmes across 50 centres and 35 integrated school programmes in India and the Middle East.

On the deal, FIITJEE Chairman Dinesh Kumar Goel said: "Partnering with QInvest will help FIITJEE establish a stronger presence in the Middle East, as education represents the key priority in the region, especially Qatar."

Anuj Khanna, Head of Investment Management at QInvest, said that FIITJEE's growth has been consistent over the past decade. "Every year in excess of 450,000 students aspire for approximately 9,000 slots at one of the coveted IITs and the number of aspirants continues to increase," he said.

According to him, the test preparation market in India is estimated to be approximately $2 billion and is growing at a rate of 15-20 per cent.