Dr Ranjan Pai’s MEMG runs six universities and twenty eight hospitals across the globe, including Malaysia, Dubai, Antigua.
Edtech giant Byju’s is on the verge of a potential resolution to the ongoing dispute concerning the loan it secured from New York-based investment manager Davidson Kempner Capital Management, which is linked to its sole profitable entity, Aakash Educational Services. Manipal Education and Medical Group’s Chairman Ranjan Pai is likely to invest around Rs 2,500 crore in beleaguered edtech giant Byju’s, according to reports. According to sources, a large chunk of this fund will be allocated to Aakash. It is learnt that Ranjan Pai is expected to pay Rs 1,400 crore to settle the Rs 800 crore loan that was secured by Byju’s earlier this year from Davidson Kempner.
Who is Dr Ranjan Pai?
Born on November 11, 1972, Dr Ranjan Pai is a qualified doctor, businessperson and the chairman of the Manipal Education and Medical Group (MEMG). Dr Ranjan Pai’s MEMG runs six universities and twenty eight hospitals across the globe. Ranjan Pai’s father was Padma Bhushan awardee Ramdas Pai. It is to be noted that Ramdas Pai is chancellor of the Manipal Academy of Higher Education (MAHE). Ranjan Pai completed his graduation from Manipal’s Kasturba Medical College and then went to the US to complete his fellowship in Hospital Administration.
Dr Ranjan Pai started his professional career as the managing director of the Melaka Manipal Medical College in Malaysia. In 2000, Ranjan Pai started MEMG out of a rented house in Bengaluru. He started the business with USD 200,000 and MEMG is now valued at around USD 3 billion.
Dr Ranjan Pai’s net worth is USD 2.8 billion (around Rs 23,000 crore), according to Forbes. The Manipal Global Education Services now has campuses in Malaysia, Antigua, Dubai and Nepal too. He also owns Manipal Cigna Health Insurance.
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