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September 19, 2008

Deal Alert: Mukta Arts acquires Mobile VAS firm Coruscant Tec

Edited Extracts From Press Release:
Mukta Arts Limited, a BSE-listed Media & Entertainment company has acquired a controlling stake in Chennai-based mobile content and application company Coruscant Tec.

Following this development Subhash Ghai, Chairman of Mukta Arts, said, "The acquisition of Coruscant Tec is a logical step towards launching Mukta’s web and mobile digital initiatives and entering the VAS space. Mukta is a content creation company and Coruscant Tec offers content delivery solutions in the new media space. We expect synergies arising out of short format content created by Mukta or Whistling Woods students and released through the tie-ups Coruscant has with various Telecom Companies such as Vodafone, Reliance, VSNL, Tata Teleservices as well as other Partners".

Ajay Adiseshann, Founder and MD, Coruscant Tec said, "Several players, wishing to consolidate or enter the mobile VAS space, have expressed interest in our company. We found that Mukta Arts with its command over the complete entertainment value chain in India, was the best fit to provide the necessary scale and boost to the business, which is currently a US$ 1 Billion market growing at 40% per annum and expected to become a US$ 4 Billion market by 2010."

The founders of Coruscant Tec - Ajay Adiseshann and Probir Roy - have also founded mobile payments company Paymate.