Reliance Industries Ltd (RIL) recently entered into definitive agreements to acquire the shares held by IMG Singapore Pte Ltd in IMG Relienace Ltd (IMG-R), a joint venture between IMG Worldwide LLC and RIL, for a cash consideration not exceeding ₹52.08 crore. Post the acquisition, IMG-R will become a wholly-owned subsidiary of RIL and will be rebranded, RIL said.
IMG-R is engaged in the business of creation, management, implementation and commercialisation of sporting, fashion and entertainment events in India.
IMG Singapore Pte Ltd, a wholly owned subsidiary of IMG, holds 50 per cent of the share capital of IMG-R.
No governmental/regulatory approvals are required for the aforesaid acquisition and the acquisition is expected to be completed during this calendar year, RIL said in a corporate announcement.