UTV plans Rs 128cr spend for gaming foray

UTV Software plans to acquire controlling stake in the UK-based Ignition Entertainment and city-based Indiagames for Rs 128 crore, marking its foray into the gaming industry.

According to an official release issued by UTV to the BSE today, it has entered into an arrangement with Indiagames and its promoters for acquisition of majority stake in the mobile and online gaming company for a consideration of around Rs 68 crore.

In another such exercise, UTV is reported to be in arrangement with Ignition Entertainment and its promoters for acquisition of controlling equity stake in the UK based company, involved in developing console games for around Rs 60 crore, it added.

The company has also initiated development of animation movie projects with total investments up to Rs 135 crore over a period of next three years.