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UTV Group now owns 60 per cent stake in Indiagames

17-December-2007
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UTV Group now owns 60 per cent stake in Indiagames

Online and mobile games company Indiagames Ltd has formally become a part of UTV Software Communications Ltd. Announced earlier, Indiagames’ formal integration with UTV has now attained financial closure. UTV will now own about 60 per cent stake in Indiagames.

Commenting on the development, Vishal Gondal, Founder and CEO, Indiagames, said, “We are pleased that the formalities are now complete. We have been working very closely and successfully with UTV on a number of initiatives over the last few months, and we look forward to maximise the benefits arising from the various synergies from our association. With this association, we have consolidated our position as India’s largest gaming entity with both Indian and international operations and synergies.”

Ronnie Screwvala, CEO, UTV, said, “We are delighted the transaction is now complete, and we look forward to taking Indiagames to its next level of growth, as part of the UTV Interactive vertical. Vishal and his team have been working closely with us over the past few months on planning the exploiting of synergies with the combined group.”

UTV had earlier acquired a controlling stake in Ignition, another leading international gaming company. With Indiagames, UTV now has a presence across console and handheld games development and global publishing; global mobile games publishing; and online PC games distribution model in India.

Prior to UTV, TOM Online – China’s leading wireless company – held a majority stake in Indiagames. Other investors like Adobe Inc. and Cisco Systems Inc., in addition to management shareholders, will continue to maintain their stake in Indiagames.

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