Mumbai: Essel Group’s education unit Zee Learn on Friday said it had received approval from its board to explore consolidation options with preschool chain Tree House Education & Accessories Ltd.

In a filing to the BSE, the company said its board had constituted a committee to finalize the proposed consolidation.

The committee has also been authorised to take all necessary steps including appointment of consultants.

“We have got the approval from the board of directors to move ahead and work out a consolidation plan on the merger with Tree House. We will soon come up with a proper structure on the proposed merger," Umesh Pradhan, chief financial officer, Zee Learn, said over the phone.

At present, Zee Learn runs around 1,600 preschools, while Tree House operates around 700 centres across the country.

Shares of Zee Learn closed 3.29% up to 43.95.

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