UTV acquires controlling interest in Indiagames Ltd

New Delhi, Dec 16 (UNI) Indiagames Ltd, India's benchmark online and mobile games company, has formally become a part of UTV Software Communications Ltd - India's foremost integrated Media&Entertainment Company, UTV sources said.

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 and gaming).

Post closure, UTV will own about 60 per cent of Indiagames.

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 a unique online PC games distribution model in India.

Speaking on the development, Mr 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 look forward to maximising the benefits arising from various synergies from our association.'' For Indiagames, the integration with UTV helps it consolidate its position in the gaming market.

''With this association, we have consolidated our position as India's largest gaming entity with both Indian and International operations and synergies,''Mr Gondal said.

Mr Ronnie Screwvala - CEO of UTV 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 Gondal and his team have been closely working with us over the past few months on planning the exploiting of synergies with the combined group.'' 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.

Indiagames is engaged in publishing and developing games across various platforms including Online and Mobile. Its products are developed and published across all major technology platforms and are distributed through partnerships with mobile operators in over 75 countries.

In India, the company also distributes games via its consumer focused website and operates a broadband games on demand service.

UNI