Media and entertainment company UTV Software Communications has acquired 80 per cent stake in California-based gaming company True Games Interactive. The acquitision has been done through UTV's UK-based subsidiary IG Intercative Entertainment. The company informed the BSE today.
During the company's first quarter result in July, UTV's promoter Ronnie Screwvala said that the company will invest $75 million in its gaming division. Screwvala said that UTV would use $30 million for acquiring majority stake in an overseas online gaming company. It has also earmarked $37 million (of the $75 million) to develop three high-end console games and working capital of Ignition-- its gaming firm-- for its facilities in London, Florida and Tokyo. The remaining $30 million will be used to invest in acquiring majority stake in an overseas online gaming company.
In addition UTV would also be increasing its stake in Ignition from 70 per cent to 95 per cent for $8 million.