HDFC Bank to divest holding HDFC Edu

HDFC Bank. File
| Photo Credit: Reuters

The Board HDFC Bank on Thursday approved sale of 100% stake in HDFC Edu to Vama Sundari Investments (Delhi) Private Ltd., an HCL Group Company.

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V.S. Rangan, Executive Director, HDFC Bank, said, “This divestment has been necessitated due to regulatory requirements for HDFC Bank. The divestment of HDFC Edu went through a long, comprehensive process involving scrutiny of potential acquirers based on a set of eligibility criteria such as financial health, relevant experience and alignment with the core educational values cultivated over the past decade by HDFC Edu.” 

“We are confident that HCL Group will uphold the exceptional standards of services that HDFC Edu has been providing to the HDFC Schools, providing a nurturing and academically rigorous environment for the students,” he added.

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HDFC Edu was established to make an impact on school systems nationwide through its professional services and support.