Reliance Industries to Acquire 50% of IMG’s Stake from Sports Management Joint Venture IMG-R
by EVENTFAQS Bureau Industry Watch | January 5, 2021 | News
Reliance Industries IMG IMG-Reliance
Mukesh Ambani-owned Reliance Industries Limited (RIL) has agreed to acquire sports management company IMG's 50% stake in the joint venture IMG Reliance for Rs 52 crore. RIL will rebrand the company after the closure of the deal.
Post the closure of the deal, IMG-R will become a wholly-owned subsidiary of the company and will be rebranded. IMG Reliance Limited (IMG-R) is a joint venture between IMG Worldwide, an international sports marketing and management company, and RIL, forged in 2010 to develop, market and manage sports and entertainment in India.
RIL said that formalization of the acquisition would not require regulatory approvals or approvals from the Government, adding that the acquisition does not fall within related party transactions and none of RIL’s promoters or promoter group companies have any interest in the transaction.
IMG-R is engaged in the business of creation, management, implementation and commercialisation of sporting, fashion and entertainment events in India.
IMG-R recorded a turnover of Rs 181.70 crore, pre-taxation, and recorded a net profit of Rs 16.35 crore. The company filed a GST of Rs 25.79 crore in financial year 2020.
Post the closure of the acquisition, IMG-R will become a wholly-owned subsidiary of the company and will be rebranded.