UTV Software Communications Ltd has announced that the Board of Directors of the Company at its meeting held on July 29, 2008, inter alia, has approved the proposals aggregating around USD 75 million investment into the Company's Gaming business.
The company will enter into an MOU and conduct due diligence to acquire a 51% stake in one of the top tier mobile content aggregator in the United States of America through one of the Company's subsidiary, Indiagames Ltd. The Company shall fund this acquisition by subscribing fresh shares of Indiagames Ltd.
To Invest into a start up venture in the United States of America, which caters to the fastest growing online gaming segment; to set up online creation of content and publishing platform.
To increase its stake in a subsidiary Ignition Entertainment Ltd ("Ignition") from 70% to around 95% and to invest into the working capital of Ignition for its three high-end console games being developed at its facilities in London, Florida and Tokyo.
|
Union Budget