Reliance to buy out IMG Worldwide
RIL said it will buy IMG Worldwide's 50 per cent stake in IMG-Reliance Ltd (IMG-R) for no more than Rs 52.08 crore in cash
New Delhi: Billionaire Mukesh Ambani’s Reliance Industries Ltd (RIL) has agreed to buy out IMG Worldwide from their sports management joint venture for Rs 52.08 crore. RIL said it will buy IMG Worldwide’s 50 per cent 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 deals with sports, fashion, events and media, operating in more than 30 countries, and is a part of the Endeavor network.
“The company has entered into definitive agreements to acquire the shares held by IMG Singapore Pte Ltd in IMG-R, for a cash consideration not exceeding Rs 52.08 crore,” the filing said. “Post completion of acquisition, IMG-R will become a wholly-owned subsidiary of the company and will be rebranded by the company,” RIL said. IMG-R had a turnover of Rs 181.70 crore (including GST of Rs 25.79 crore) and a net profit of Rs 16.35 crore in FY20.
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