New Delhi, December 25
Reliance Industries (RIL) has agreed to buy out IMG Worldwide LLC from their sports management joint venture for Rs 52.08 crore.
The nation’s biggest company by market value, in a stock exchange filing, said it will buy IMG Worldwide’s 50% stake in IMG-Reliance Ltd (IMG-R) for no more than Rs 52.08 crore in cash. RIL will rebrand the company after the closure of the deal.
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 Singapore Pte Ltd, a wholly-owned subsidiary of IMG, holds 50% of the share capital of IMG-R. “Post completion of acquisition, IMG-R will become a wholly-owned subsidiary of the company and will be rebranded by the company,” RIL said. — PTI