Film entertainment firm Eros International Media today said it has signed an agreement to acquire a controlling stake in mobile value added services provider Universal Power Systems Private Ltd (Techzone) for an undisclosed sum.
Commenting on the deal, Eros International CEO Jyoti Deshpande said: "Techzone will be a strong addition to our ErosNow strategy where content meets technology and distribution...we expect this deal to complement our existing ErosNow service."
"With 870 million mobile subscribers (including over 60 million internet enabled smart phones) in India as of year-end 2013, this is an exciting space for us," she added.
The transaction is subject to customary closing conditions and execution of definitive agreements, the company said in a statement.
"Established in 1999 Techzone is an aggregator, developer and distributor of entertainment content via mobile platforms in India. Techzone is particularly focused on the Bollywood films and music markets and has significant region-specific content in Tamil and Telugu," it added.