India, June 25 -- The Competition Commission Of India (CCI) has approved Manipal Group's proposal to acquire a stake in Aakash Educational Services from the coaching chain's founder JC Chaudhry.

". CCI has approved the combination involving acquisition in Aakash Educational Services Limited by Manipal Health Systems Private Limited and Manipal Education and Medical Group India Private Limited," the watchdog said in a statement.

Chaudhry owns a minority stake in Aakash after selling a significant portion of his shares to the Manipal Group earlier.

Ranjan Pai, who leads the Manipal Group, is one of the largest shareholders in Aakash with about 40% stake. Aakash was owned by BYJU's, which is facing insolvency proceedings.

In November 202...