wordpress blog stats
Connect with us

Hi, what are you looking for?

Pyramid Saimira Quits Gaming; To Sell Subsidiary Aurona; Focus On Core Biz

auronalogoFaced with the threat of bankruptcy, Pyramid Saimira is selling its subsidiary Aurona Technologies. Bollywood Hungama reports that the announcement will be in the next 10-15 days. No other information about the deal size or new owner are known. Medianama tried to contact PSTL but a company representative said its Managing Director PS Saminathan is unavailable until Monday. The company representative declined to comment.

Aurona is a game development studio that has delivered games for Sony, Nintendo, Microsoft XBOX, as well as desktops, websites, arcades and mobiles. It was acquired by Pyramid Saimira a little over a year ago, in January 2008. It is headquartered at London, and has a representative office at Los Angeles and a development centre at Hyderabad. It was originally acquired by Pyramid to gain a foothold in European markets. The company recently launched a PS2 game for Sony Computer Entertainment India called Hanuman: Boy Warrior. Read our report on it here.

Aurona Charges On: Development vs Cafes

Meanwhile, Aurona’s CEO Dr Santosh Pillai has announced that his studio will expand its expertise in India, setting up two separate teams – one for services and another for game development and publishing. Just what its competitorDhruva Interactive recently did with Gametantra.

Interestingly, Saminathan told BollywoodHungama that Pyramid still has plans to roll out a chain of gaming cafés over the next 7-8 months in 60 cities in South India. He has also reportedly said that gaming business is unviable unless it is on a large scale. If he has exited, why invest in gaming cyber cafes? Wonder what this is about?

Focus On Core

Saminathan told Bollywood Hungama the reason to exit Aurona was PSTL’s need to consolidate its core business of film production and distribution. Its shaky financial position, tax problems and Rs 60 crore capital gap that it desperately needs to run its operations are some of the prime issues with which the company is grappling.

This is in line with what PSTL had already announced: that it would close its unviable subsidiaries and was looking to sell them to obtain fresh working capital. The group operates in hospitality, IPTV, DTH, realty, food and beverage and cine advertising sectors besides film. Subsidiaries Saimira Realty, Saimira Access (IPTV), Spize TV (DTH) and Dimple Cine Advertising, may be the next to follow. In 2007, Pyramid had projected its F & B business to be worth $1 billion by 2010.

Note: Thanks to Money Sharma of Bollywood Hungama for informing us about this.

Related

First Indigenous Game On PS2 – Hanuman: Boy Warrior
Pyramid Saimira Bites Back At I-T Dept; 300 Employees Not Paid Salaries; Threat of Solvency?
Pyramid Saimira Selling Stake In Subsidiaries; Cutting Op Losses Further
Pyramid Saimira To Close Unviable Subsidiaries; Stake Dilution Plans
Pyramid Saimira Winds Up Film Distribution In India; Defers Reel Acquisition
Pyramid Saimira Owned Spize TV Buys South Asian Content Focused DTH Co WorldTV Europe

You May Also Like

News

Paytm has hived off its payment gateway business into a separate entity, Paytm Payments Gateway Service Pvt Ltd, and has infused ₹100 crore worth...

News

Restaurant aggregator and food delivery company Zomato has raised US$660 million (over ₹4,850 crore), taking its valuation to ₹3.9 billion. CEO Deepinder Goyal tweeted...

News

The Securities and Exchange Board of India (SEBI) will now allow investors to make UPI payments to purchase public issues of debt securities, it...

News

The Ministry of Information & Broadcasting (MIB) is holding a ‘consultative’ meeting on November 18 to discuss television (TV) advertisements around online gaming, according...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to Daily Newsletter

    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ