UTV acquires controlling share in Ignition Entertainment

Indian entertainment company UTV Software Communication has acquired a 70 per cent share in Essex-based developer Ignition Entertainment as part of plans to move into the gaming sector.

UTV, which has its head office in Mumbai, paid US$ 13 million (9.8 million Euro) for the stake. The company has also acquired a 51 per cent holding in mobile gaming firm Indiagames for US $15 million (11.4 million Euro).

According to the Times of India, the moves make UTV India's largest gaming and animation company.

"Having gaming products will enlarge our offering in the entertainment space as we put them to use even in the youth channels of our broadcasting business," an executive told the Times,

"We are negotiating a few acquisitions in the gaming space," the executive added, before hinting that further deals could be announced once they are finalised.

Ignition Entertainment declined to comment on the deal.