SUMMARY
- Nazara Technologies has signed a MoU with the Telangana govt to establish an AI Center of Excellence (AI CoE).
- The AI CoE will conduct research, development, and innovation in gaming and digital entertainment.
- It is set to invite international expertise to build a dynamic and inclusive community.
Media and gaming firm Nazara Technologies has signed a memorandum of understanding (MoU) with the Telangana state government to establish an AI Center of Excellence (AI CoE) dedicated to gaming and digital entertainment.
The listed company stated, “This partnership will position Nazara as a leader in AI-driven gaming and digital entertainment space and Telangana as a global hub for AI innovation.”
The AI CoE will conduct research, development, and innovation in areas such as gaming, interactive media, gamified education, and various digital content, leveraging advanced technologies like AI, VR/AR, blockchain, and Web 3.0.
Nitish Mittersain, the Joint Managing Director & CEO of Nazara Technologies, stated, “This collaboration will enable Nazara to further our mission of integrating AI and emerging technologies across our diverse portfolio, positioning us as a leader in AI-driven innovations in gaming and digital entertainment.”
“The Nazara AI CoE will empower startups, enhance skills, and attract cutting-edge technology investments, creating a diverse and dynamic ecosystem,” D Sridhar Babu, the Minister for Information Technology and Industries, Telangana, commented.
The Nazara AI CoE is set to develop policies, support startups, enhance skills, and engage international expertise to build a dynamic and inclusive community.
This announcement comes shortly after Nazara UK, a subsidiary wholly owned by Nazara Technologies, acquired Fusebox Games, a London-based gaming studio for approximately £21.18 million (around Rs 234.55 crore).
This move is in line with Nazara’s strategy to broaden its gaming portfolio and international footprint through mergers and acquisitions. Recently, Absolute Sports, a Nazara entity, acquired the intellectual property rights of Deltia’s Gaming, a US-based company, for $900,000 (roughly Rs 7.57 crore) in a cash transaction.
Earlier in May, it was reported that Nazara bought the remaining 28.12% stake in Nextwave Multimedia Private Limited, the creators of the mobile cricket game franchise World Cricket Championship, for Rs 21.6 crore. This deal increased Nazara’s ownership in Nextwave to 100%.
In FY24, Nazara’s consolidated net profit witnessed a 98% decrease, falling to Rs 18 lakh in the fourth quarter from Rs 9.4 crore in the previous year’s same period.
