Gaming Report: PM Modi Vows to Elevate India in Global Gaming & Mitter Infotech’s 6.38% Nazara Stake Sold to Plutus Wealth Management

With PM Modi’s ambitious vision to position India as a leading global gaming hub and the strategic sale of Nazara Technologies shares by Mitter Infotech, India’s gaming sector is poised for significant growth and investment.

Prime Minister Narendra Modi, in an interview with IANS, stressed the untapped potential of the gaming market and his support for local gamers and developers. He is committed to reversing the trend of Indian investments benefiting foreign markets, as demonstrated by his recent interactions with young gamers and focus on encouraging startups. With revenues of ₹2.57 Lakh Crore and over 500 million players in FY23, the industry is on the brink of a transformative era.

In a notable development reinforcing confidence in the sector, Mitter Infotech sold 6.38% of its stake in Nazara Technologies to Plutus Wealth Management. This transaction, conducted through the stock exchange’s on-market block deal window, exemplifies strategic partnerships and maneuvers driving Nazara towards a promising future.

Digital Dreams: PM Modi Aims to Elevate India in the Global Gaming World

Prime Minister Narendra Modi is actively steering India towards becoming a powerhouse in the global gaming industry. Speaking from his official residence, PM Modi shared his vision with IANS, emphasizing the untapped potential of the gaming sector and his commitment to supporting Indian gamers and developers. He pointed out the disparity where Indian investments in gaming yield substantial profits abroad.

“The irony is that Indians are investing large sums of money while others are making huge profits in the gaming industry,” PM Modi remarked. “I called young gamers recently to understand their problems. After the interaction, I told my government that I want to cement India’s leadership in the global gaming market.”

PM Modi is keen on integrating gaming with global sports arenas, like the Olympics, to provide a platform for Indian youth to excel.

PM Modi underscored the future market for gaming, emphasizing its inclusion in the Olympics and expressing his ambition for Indian youth to shine on this international stage. “There is such a big future market. Gaming has come to the Olympics now, and I want Indian youth to participate in it,” he stated. Modi understands the youth’s aspirations and is dedicated to creating pathways to fulfill them.

In a candid interaction last month, Modi engaged with prominent young gamers such as Payal Dhare, Mithilesh Patankar, Animesh Agarwal, Naman Mathur, and Anshu Bisht. These discussions were profound and featured lighter, more personal moments, reflecting Modi’s approachable leadership style.

TEASER: PM Modi 'OP' meets the masters of the INDIAN GAMING WORLD!

Watch your young at heart PM Shri @narendramodi interact with India's top gamers and try his hand at several of these PC & VR games! 👇 pic.twitter.com/D1nXM7CZ2y

— BJP (@BJP4India) April 11, 2024

Further emphasizing the strategic importance of the start-up ecosystem in supporting the gaming sector, Modi highlighted its role in fostering a skilled workforce. “Our start-ups are crucial in propelling India forward, not just in technology but in creating sustainable employment and innovation in gaming,” Modi added.

With the Indian gaming industry boasting an impressive revenue of $3.1 Billion (₹2.57 Lakh Crores) in FY23 and engaging over 500 million (50 Crores) players, Modi’s policies are geared towards harnessing this sector’s potential to its fullest. His vision aims to position India at the forefront of the global gaming industry and empower the next generation of Indian gamers and developers to achieve international acclaim.

This refreshed narrative highlights PM Modi’s proactive initiatives and detailed plans to integrate India more deeply into the global gaming market, reinforcing his commitment to nurturing talent and innovation within the country.

Strategic Move: Mitter Infotech’s Sale of Nazara Stake to Plutus Wealth Management

Mitter Infotech, the promoter of Nazara Technologies Limited, has strategically sold 48.84 Lakh equity shares, constituting 6.38% of its issued share capital, to Plutus Wealth Management. This significant transaction was executed today through the stock exchange’s on-market block deal window.

This move immediately impacted the market, as shares of Nazara Technologies experienced a notable surge of 12.25%, reaching a high of ₹689.85, a 16.77% increase at the Bombay Stock Exchange (BSE). After touching a 52-week low of ₹590.85, the stock closed at ₹673 per share, up by 9.5%.

Sharing info on the promoter stake sale of #nazara. I will continue to drive our growth strategy as CEO and look forward to your continued support as we strive to build a global #gaming company out of India pic.twitter.com/MAZA4vrFRa

— Nitish Mittersain (@mittersain) May 27, 2024

Plutus Wealth Management, an investor in Nazara since before its IPO in 2020, has further increased its stake, affirming its confidence in its growth trajectory. This block trade is expected to enhance liquidity for the promoters who have been instrumental in steering Nazara’s growth for over two decades. Despite the sale, the promoters will maintain control of the company, with Nitish Mittersain continuing as the CEO and Joint Managing Director.

Vikash Mittersain, promoter of Nazara Technologies, affirmed his confidence in the deal, remarking, “Plutus Wealth Management has been a long-term investor in Nazara since the pre-IPO days and has actively participated in subsequent fund raises as well. This transaction represents a resounding vote of confidence by Plutus in Nazara’s long-term growth prospects, its promoters, and management.”

Meanwhile, Arpit Khandelwal, Managing Partner of Plutus Wealth Management, said, “We are extremely delighted to announce that we have increased our stake in Nazara Technologies Limited, India’s leading diversified gaming and sports media platform. This decision underscores our strong conviction in the phenomenal growth opportunity that the sector offers and our confidence in Nazara’s diversified product portfolio, talented team, and unique competitive position.”

Nazara Technologies continues to expand its global footprint and forge international partnerships, aiming to consolidate its position as a prominent Indian gaming company with global reach. “In continuation to our philosophy, we look forward to actively supporting the management team as they execute their growth strategy and aggressively accelerate progress towards achieving their long-term objectives,” added Khandelwal.

This strategic move reinforces Nazara Technologies’ market position and sets the stage for its ambitious global expansion and future growth.