 "Reliance sells 10% stake of mobile game unit for $15 mn")
Anil Ambani-led Reliance Entertainment said on Tuesday Chinese firm Lead Eastern Group would pick up 10 per cent stake in its unit Reliance Games for $15 million (Rs 98.94 crore), which pegs the total evaluation of the unit at around Rs 1,000 crore.
The Chinese firm will also form a joint venture with Reliance Games to produce mobile games for global market, the company said. “Reliance Games, Lead Eastern Investment and Creative Cultural have agreed to form a joint venture (JV) company in China to to create, operate and market mobile games. The parties will own 40 per cent, 51 per cent and nine per cent stakes respectively in the venture,” it said in a statement.
The JV will have the leverage of intellectual properties possessed by Zapak with the development and distribution strength of Lead in China, the company said.
Lead Eastern, part of diversified conglomerate group Lead Holding, is a listed entity with interests in film, television, gaming content creation, broadcasting and distribution.
Reliance Games is one of the major mobile game developer with more than 200 million downloads across its popular titles like Real Steel, Pacific Rim, Shadow Strike etc which are based on popular Hollywood movies. These game titles are available in 80 leading networks across 40 countries.
In November 2012, Reliance Games consolidated its gaming business under the Zapak brand and named it as Zapak Mobile Games. Prior to this consolidation, Jump Games was the mobile gaming subsidiary of the Reliance Entertainment group.
