UTV annnounces new 'game' plan
Have now announced their foray into gaming, with an objective to create content across all entertainment platforms.india Updated: Dec 09, 2006 18:12 IST
After making its mark as a content provider for television, movies and animation ventures, UTV Software Communications Ltd. Have now announced their foray into gaming, with an objective to create content across all entertainment platforms.
As part of its foray into gaming, UTV Software Communications Ltd.has decided to acquire the controlling stake in Ignition Entertainment Ltd. (Ignition) - a console gaming company based in UK and Indiagames Ltd (IG) - a mobile and broadband gaming company in India, a move that is set to make UTV the largest Gaming and Animation entity in India.
The proposed acquisition of controlling stake in Indiagames Ltd., the largest gaming company in India, for Rs. 68 crore, will give UTV huge strides in the gaming space.
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 IG, will continue to head the Company and evolve synergies with other UTV businesses in the creation of cutting-edge games.
Further, as part of its efforts to develop capabilities in console game development, publishing and distribution across the globe, UTV has also announced the acquisition of a 70 per cent stake in
Ignition Entertainment Ltd, a UK based Company for around Rs. 60 crore.
This acquisition brings to the table phenomenal relationships with hardware manufacturers, game developers and distributors such as Sony, Nintendo, Microsoft, SNK, Konami, Atari, Virgin, Wal Mart, etc.
Ignition is presently developing a path-breaking top end game 'WarDevil' budgeted at around GBP 10 million and is expected to release it in the year 2008 exclusively on the Sony Playstation3(tm) (PS3) platform. PS3 was launched in November 2006 in Japan and the US and it is expected to sell more than 30 million units by the end of 2008.
With the acquisition of controlling interests in Indiagames in India and Ignition in the UK, UTV plans to capture world markets and intends to build efficiencies through cross synergies in game acquisition for the world markets and derive cost efficiencies using India as a base for game development processes, using distribution strengths and relationships to market products better worldwide.
First Published: Dec 09, 2006 18:12 IST