Mumbai: Billionaire Mukesh Ambani’s Reliance Industries Ltd (RIL) has agreed to buy out IMG Worldwide LLC from their sports management joint venture named IMG Reliance for Rs 52.08 cr.
The nation’s biggest company by market value, in a stock exchange filing, 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 will rebrand the company after the closure of the deal. 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.
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 Rs 52.08 crore, the filing said.