Reliance Industries to acquire 50% stake in IMG-R

Reliance Industries Ltd (RIL) has entered into a definitive agreement to acquire 50% shares held by IMG Singapore Pte. Ltd in IMG-Reliance Ltd, for a cash consideration not exceeding Rs. 52.08 crore. IMG Singapore Pte. Ltd., a wholly owned subsidiary of IMG, holds 50% of the share capital of IMG-R. 

Post completion of acquisition, IMG-R will become a wholly-owned subsidiary of RIL and will be rebranded by the company. 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. IMG–R is engaged in the business of creation, management, implementation and commercialization of sporting, fashion and entertainment events in India.

Source: Mint