Vijay is set to merge with Anil and will become an online business.
The chain of schools in Kerala and Maharashtra has been under the Anil-Ambani-run Ambani Enterprises group for over two decades.
The new business is expected to generate at least Rs 20,000 crore for the state and the country.
The acquisition of the Vijays will help the company raise around Rs 100 crore through a share sale.
In a statement, the company said that the acquisition of Vijaya is an important step in strengthening our long-term growth strategy and ensuring the long-standing and growing brand of the brand will continue to provide value to the community.
The Vijayan, a social network of over 15 million students, aims to provide access to the best education in the world for all students from all countries.