UTV Software to buy 80% stake in True Games

New Delhi, Aug 18 (UNI) UTV Software Communications today said its UK-based subsidiary, IG Interactive Entertainment, will acquire 80 per cent stake in US-based True Games Interactive.

''IG will buy 80 percent stake in True Games Interactive, a California-based firm,'' a company statement said.

No other financial details were divulged.

True Games is in the business of developing, aggregating, licensing, publishing and distributing online games globally.

During the company's first quarter result in July, UTV's promoter Ronnie Screwvala had said the company will invest 75 million dollars in its gaming division. He added that 30 million dollars will be used for acquiring majority stake in an overseas online gaming company.

It has also earmarked 37 million dollars (of the 75 million dollars) to develop three high-end console games and working capital of Ignition--its gaming firm--for its facilities in London, Florida and Tokyo.

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