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.
Last week, Reliance Industries Ltd (RIL) announced it will buy out IMG Worldwide LLC from their sports management joint venture (JV) for Rs 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 per cent stake in IMG-Reliance Ltd (IMG-R) for no more than Rs 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 Rs 181.70 crore (including GST of Rs 25.79 crore) and a net profit of Rs 16.35 crore in FY20.
RIL shares were trading down 0.49 per cent at 1,979.40 in early session on BSE.