RIL completes acquisition of IMG Worldwide’s stake in sports management JV1 min read . Updated: 30 Dec 2020, 10:33 AM IST
Reliance Industries has on Dec 28 completed the acquisition of equity shares of IMGR. Accordingly, IMG-R has become a wholly-owned subsidiary of the company
Reliance Industries Ltd has completed acquisition of IMG Worldwide LLC's stake in their sports management joint venture IMG Reliance Ltd (IMG-R).
"The company has, on December 28, 2020, completed the acquisition of equity shares of IMGR. Accordingly, IMG-R has become a wholly-owned subsidiary of the company," Reliance Industries said in a regulatory filing.
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Last week, Reliance Industries Ltd (RIL) announced it will buy out IMG Worldwide LLC from their sports management joint venture (JV) for ₹52.08 crore.
The nation's biggest company by market value, in a stock exchange filing, had said it will buy IMG Worldwide's 50% stake in IMG-Reliance Ltd (IMG-R) for no more than ₹52.08 crore in cash.
RIL had formed an equal joint venture with IMG Worldwide, an international sports marketing and management company, in 2010 to develop, market and manage sports and entertainment in India.
IMG is a global leader in sports, fashion, events and media, operating in more than 30 countries, and is a part of the Endeavor network.
IMG-R is engaged in the business of creation, management, implementation and commercialisation of sporting, fashion and entertainment events in India. IMG-R had a turnover of ₹181.70 crore (including GST of ₹25.79 crore) and a net profit of ₹16.35 crore in FY20.
RIL shares were trading down 0.49% at Rs1,979.40 in early session on BSE.