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RIL, IMG enter deal to tap sports market

RIL, IMG enter deal to tap sports market
PTI
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First Published: Sun, Mar 14 2010. 09 14 PM IST
Updated: Sun, Mar 14 2010. 09 14 PM IST
Mumbai: Mukesh Ambani-led Reliance Industries Ltd (RIL) and sports marketing firm IMG Worldwide Inc. have formed an equal joint venture to create a professional sports firm that aims to discover and train young athletes.
“The joint venture entity— IMG Reliance—will have parallel complementary strategies: to provide and operate world class infrastructure and coaching facilities in the country to unlock India’s sporting potential and to create and operate major sports and entertainment assets in the country,” RIL said in a statement.
IMG owns IMG Academies in Florida, US, which trains young players in golf, tennis and other sports. Developing athletic talent is a key component of the IMG Reliance venture.
“World class infrastructure, technology and scientific coaching are (an) integral part of development of today’s sporting talent. Our JV company will work with like-minded organizations and invest in developing immensely talented young Indians,” RIL chairman and managing director Ambani said.
RIL owns the Indian Premier League cricket team Mumbai Indians.
IMG Academics will provide management knowledge and coaching skills to the management and coaching teams of academies in India, which will be managed by the joint venture entity, the statement said.
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First Published: Sun, Mar 14 2010. 09 14 PM IST
More Topics: RIL | IMG | Sports | Entertainment | India |