UTV Software to invest $75 million in gaming business


    MUMBAI: UTV Software Communications is planning to invest close to $ 75 million in its gaming business.

    The company plans to enter into a MoU to acquire a 51 per cent stake in one of the top tier mobile content aggregator in the US through its subsidiary Indiagames. UTV will also fund this acquisition by subscribing fresh shares of Indiagames.

    Furthermore, UTV will also be investing in a start up online gaming venture in the US and set up online creation of content and publishing platform.

    The company will up its stake in its gaming subsidiary Ignition Entertainment from 70 per cent to around 95 per cent. Plans are also afoot to invest into the working capital of Ignition for its console games that are being developed at its facilities in London, Florida and Tokyo.