Mumbai-based mobile gaming company Nazara Games has invested an undisclosed amount in game development studio Moong Labs. The company had partnered with the studio last year to launch a 4D cricket game featuring Virat Kohli. The funds raised will be used for augmenting the studio’s game engine and developing cricket games, which can be globally successful, offering a realistic cricket simulation experience, similar to what football fans receive through FIFA mobile games.
Media and entertainment (M&E) industry can help India become more resilient to fundamental changes in the global economy by adding more than $100 billion to the country’s economy annually if the government implements progressive policies. Labour, capital, markets and regulations are the four key pillars needed to work hand in hand in order to facilitate unfettered growth and bolster value formation in the creative economy, popularly known as the media and entertainment industry. In the case of India, three of these prerequisites are already met; however, the lack of a supportive regulatory ecosystem continues to be a hurdle to growth. A policy framework aimed at spurring growth in the broadcasting sector must ensure that the structural segregation is reflected in the laws that regulate the different aspects.To this end, existing laws must be reoriented toward creating a conducive ecosystem for economic abundance.
Piramal Finance Ltd, a unit of Piramal Enterprises Ltd has invested Rs.400 crores in Gurgaon-based auto parts maker Hema Engineering Industries Ltd. Hema Engineering will use the funds to refinance existing loans and fund the company’s capex plans.
Nettlinx Limited, a city-based internet infrastructure company acquired a controlling 51 per cent stake in Sri Venkateswara Green Power Projects Limited, a firm involved in developing and implementing a viable and environmentally sustainable 12 MW power plant, a renewable energy project.
Financial services firm Avendus Capital is acquiring UK-based Ocean Dial Asset Management, a move which will help boost its asset management business and bring in clients from other parts of the world. Avendus has signed a binding agreement to acquire the 100 per cent shareholding from Raju Shukla, chairman and managing director, Ocean Dial Investment Company and the management team. The deal value was undisclosed.