Reliance Games sells 10% stake in Zapak to Chinese firm1 min read . Updated: 22 Sep 2015, 08:42 PM IST
Lead Eastern Group acquires the stake for $15 million to create and market mobile games globally
Mumbai: Reliance Games, the mobile gaming division of the Anil Dhirubhai Ambani promoted Reliance Entertainment Group, will sell 10% stake in its mobile gaming company, Zapak Mobile Games Pvt. Ltd, to Lead Eastern Group of China for $15 million to create and market mobile games globally.
Separately, Reliance Games, Lead Eastern Investment and Creative Cultural of Hong Kong have agreed to form a joint venture company in China to create, operate and market mobile games based on intellectual properties owned and acquired by Zapak.
Creative Cultural is a firm engaged in the business of intellectual property based entertainment including gaming.
The parties will own 40%, 51% and 9% stakes respectively in the China joint venture, Reliance Games said in a statement, without disclosing the investment in the joint venture.
“We are delighted to partner with Lead Group, and we believe this will accelerate the growth and reach of our gaming business in the China marketplace, along with continued expansion in the global markets. This partnership will enable both the companies to leverage their core competencies," said Amitabh Jhunjhunwala, group managing director, Reliance Group.
Chunfeng Wang, chairman, Lead Eastern said the strategic partnership with Reliance Games will enable both companies to expand in China and the global markets.
Mumbai-based Reliance Games was founded in 2006. With over 200 million downloads globally, Reliance Games currently operates three studios worldwide.
Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay High court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.