Conglomerate Lead Eastern Group has committed to invest $15m in India-based mobile gaming developer Zapak Mobile Games, a division of Reliance Games, in return for a 10% stake, the Economic Times reported yesterday.
The deal is expected to close in the near future, and would value Zapak at $150m.
The investment is part of a strategic agreement to create and distribute games globally, as well as to help Reliance gain entry into China.
To that end, Reliance, Lead Eastern’s corporate venturing arm Lead Eastern Investment and Creative Cultural are setting up a joint venture in China to commercially exploit intellectual property owned and bought by Zapak. Reliance will own 40% in the joint venture, Lead Eastern 51% and Creative Cultural 9%.
Reliance Games develops games based on intellectual property of Hollywood and TV studios, and has published content for films Hunger Games: Catching Fire, Real Steel and Dancing with the Stars.