Reliance Industries to increase its stake in IMG-Reliance Ltd.

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By Ashish Mitra --
Friday, 25 Dec, 2020

Reliance Industries Limited has decided to increase its stake in IMG-Reliance Ltd by buying out IMG Worldwide LLC from the sports management business. The transaction will cost RIL not more than Rs 52.08 crore.

“IMG Reliance Limited is a joint venture between IMG Worldwide and the Company. IMG Singapore Pte. Ltd., a wholly-owned subsidiary of IMG, holds 50 per cent of the share capital of IMG-R,” RIL said. It said that the acquisition is expected to be completed during this calendar year.

“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 INR 52.08 crore. Post completion of the acquisition, IMG-R will become a wholly-owned subsidiary of the Company and will be rebranded by the Company,” RIL added.

The company has said that no governmental or regulatory approvals will be required for the aforesaid acquisition, adding that the deal does not fall within related party transactions.

IMG-R that was initiated in 2010 as a joint venture between IMG and RIL is now a leading firm working to promote and develop sports, entertainment and fashion in India.The company had a turnover of Rs 181.70 crore and a net profit of Rs 16.35 crore in the last financial year. The firm has reported a net profit of Rs 16.35 crore and Rs 19.25 crore in the previous two financial years.

Reliance Industries to increase its stake in IMG-Reliance Ltd.. Reliance Industries Limited has decided to increase its stake in IMG-Reliance Ltd by buying out IMG Worldwide LLC from the sports management business. The transaction will cost RIL not more than Rs 52.08 crore.

“IMG Reliance Limited is a joint venture between IMG Worldwide and the Company. IMG Singapore Pte. Ltd., a wholly-owned subsidiary of IMG, holds 50 per cent of the share capital of IMG-R,” RIL said. It said that the acquisition is expected to be completed during this calendar year.

“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 INR 52.08 crore. Post completion of the acquisition, IMG-R will become a wholly-owned subsidiary of the Company and will be rebranded by the Company,” RIL added.

The company has said that no governmental or regulatory approvals will be required for the aforesaid acquisition, adding that the deal does not fall within related party transactions.

IMG-R that was initiated in 2010 as a joint venture between IMG and RIL is now a leading firm working to promote and develop sports, entertainment and fashion in India.The company had a turnover of Rs 181.70 crore and a net profit of Rs 16.35 crore in the last financial year. The firm has reported a net profit of Rs 16.35 crore and Rs 19.25 crore in the previous two financial years.