Reliance Industries Ltd has accomplished acquisition of IMG Worldwide LLC’s stake of their sports activities administration three way partnership 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 mentioned in a regulatory submitting.
Last week, Reliance Industries Ltd (RIL) introduced it should purchase out IMG Worldwide LLC from their sports activities administration three way partnership (JV) for Rs 52.08 crore.
The nation’s greatest firm by market worth, in a inventory trade submitting, had mentioned it should purchase IMG Worldwide’s 50 per cent stake in IMG-Reliance Ltd (IMG-R) for not more than Rs 52.08 crore in money.
RIL had shaped an equal three way partnership with IMG Worldwide, a global sports activities advertising and administration firm, in 2010 to develop, market and handle sports activities and leisure in India.
IMG is a world chief in sports activities, trend, occasions and media, working in additional than 30 nations, and is part of the Endeavor community.
IMG-R is engaged within the enterprise of creation, administration, implementation and commercialisation of sporting, trend and leisure occasions in India. IMG-R had a turnover of Rs 181.70 crore (together with GST of Rs 25.79 crore) and a web revenue of Rs 16.35 crore in FY20.
RIL shares have been buying and selling down 0.49 per cent at 1,979.40 in early session on BSE.