Nazara eyes tax crisis-hit real money game companies
Nazara Technologies is considering the possibility of acquiring crisis-stuck real-money gaming (RMG) companies as they may become available at attractive valuations, at a time when they are struggling under the burden of heavy tax liabilities, chief executive Nitish Mittersain told ET.
“We see this as an opportunity, and we are also in conversation with a few of these companies,” Mittersain said.
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Also read | Nazara Technologies launches game publishing arm
The RMG industry is facing a tax demand of more than Rs 1.5 lakh crore, after the government decided to levy a 28% GST on deposits made by users to play a game, instead of on the winnings.
Having garnered investments from investors like the Kamath brothers fromZerodha and SBI Mutual Fund recently, Nazara is flush with capital. It has built a war chest of Rs 510 crore and also has more than Rs 628 crore in cash and equivalents on its books.
This week, the gaming and sports media platform unveiled its publishing
