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Subhash Ghai’s Mukta Arts acquires 51% stake in MVAS company Coruscant Tec

Mukta Arts , promoted by filmmaker Subhash Ghai, has acquired 51 per cent controlling stake in Chennai-based mobile value added services company Coruscant Tec . According to Mukta Arts, it also has an option of acquiring the balance 49 per cent stake in Coruscant.

Mukta Arts , promoted by filmmaker Subhash Ghai, has acquired 51 per cent controlling stake in Chennai-based mobile value added services company Coruscant Tec . According to Mukta Arts, it also has an option of acquiring the balance 49 per cent stake in Coruscant.

Subhash Ghai, chairman, Mukta Arts, has 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 and Tata Teleservices as well as other partners such as VSNL,” Subhash Ghai has added.

Ajay Adiseshann, MD, Coruscant Tec, has 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 $1 billion market growing at 40 per cent per annum and expected to become a $4 billion market by 2010.”

Coruscant Tec was founded in 2003 by Ajay Adiseshann and Probir Roy. In 2006, Coruscant was recognised by Red Herring as one of the top 100 companies in Asia. Ajay Adiseshann and Probir Roy have also founded PayMate, a leading mobile payment solutions company.

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