Reliance Games to form key joint venture to enter China

Reliance Entertainment, promoted by industrialist Anil Ambani, on Tuesday said Lead Eastern of China will pick a 10-percent stake in its subsidiary, Zapak Mobile Games, pegging its valuation at $150 million.

Reliance Games, Lead Eastern Investment and Creative Cultural are also forming an exclusive joint venture in China to create, operate and market mobile games based on intellectual properties that have been owned and acquired by Zapak, a joint statement by the three groups said.

"The parties will own 40 percent, 51 percent and 9 percent stakes, respectively."

The Lead Holding group is a leading conglomerate in China, with diversified business interests in realty, tourism, finance, media and entertainment, gaming and logistic. Lead Eastern is a listed entity with interests in film, TV, gaming content, broadcasting and distribution.

"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 of Reliance Group.

Reliance Games, which claims more than 200 million downloads across popular titles like "Real Steel", "Pacific Rim", "Hunger Games - Catching Fire Panem Run", "Dancing with the Stars" and "Shadow Strike" through iTunes, Google Play, Amazon and Windows across 40 countries.

Creative Cultural, a Hong Kong-based company, is engaged in intellectual property-based entertainment, including gaming.

Chunfeng Wang, chairman of Lead Eastern Company, said: "Strategic partnership between Lead Eastern and Reliance Games will enable the two companies to expand extensively in China and global markets."

Corey Redmond, president and chief executive of Creative Cultural, added: "Our mission is to provide a gateway for Chinese game developers to use top Hollywood IP to develop enthralling mobile games."

He said Creative Cultural was in the business of bringing new and innovative entertainment experiences to Chinese gamers and intended to continue to support the development of even more titles in China's gaming industry.

Reliance Games' block-busters include Real Steel, Real Steel World Robot Boxing, Pacific Rim, and a slew of exciting mobile games developed in association with Hollywood Studios such as DreamWorks, Sony Pictures, Paramount Pictures, Columbia Pictures and Warner Bros.

It currently operates three studios worldwide.