UTV acquires controlling interest in gaming company

Mumbai, Dec 16 (UNI) Indiagames Ltd, India's benchmark online and mobile games company has formally become a part of UTV Software Communications Ltd. integrated Media and Entertainment Company.

The deal announced earlier has now attained financial closure paving the way for Indiagames' formal integration with UTV comprising four verticals that include Movies, TV Content, Broadcasting and Interactive (Animation&Gaming). Post closure, UTV will own about 60 per cent of Indiagames.

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

Speaking on the occasion, Indiagames Founder&CEO Vishal Gondal 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 look forward to maximizing the benefits arising from the various synergies from our association''. He further added, ''With this association, we have consolidated our position as India's largest gaming entity with both Indian and International operations and synergies.'' UTV CEO Ronnie Screwvala said, ''We are delighted the transaction is now complete and very much look forward to taking Indiagames to its next level of growth as part of the UTV Interactive vertical. Mr 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.'' Prior to UTV, TOM Online China's 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.

UNI