UTV buys majority stake in Indiagames

Category: Gaming | 1 Comment | Posted on December 9, 2006

Its a week full of big news.

One of India’s top media and entertainment companies UTV Software has decided to acquire the controlling stake in Indiagames – the largest gaming company in India and Ignition Entertainment – a console gaming company based in UK.

The proposed acquisition of controlling stake in Indiagames is for Rs 68 crore, while a 70 per cent stake in Ignition Entertainment is for around Rs 60 crore.

IG pioneered mobile and online gaming in India and is presently involved with mobile game development, publishing and distribution across 67 countries through 80 telecom partners like Vodafone, Verizon, Hutch and Airtel. Its latest venture into PC games distributed online through broadband ISPs like BSNL, MTNL, Airtel and Tata VSNL amongst others is expected to be a major value driver for the Company.

Vishal Gondal, CEO and Founder of Indiagames, will continue to head the company.

Related:
TOM Online may exit Indiagames

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