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Reliance Industries, the company of Asia’s biggest industrialist Mukesh Ambani, is now going to buy IMG Worldwide LLC stake in IMG-Reliance Joint Venture, increasing its focus on sports business. This deal is being done for about 52 crores rupees. IMG Worldwide has a 50 percent stake in IMG-Reliance Limited (IMG-R). Reliance Industries is in the sports management business in association with IMG World Wide LLC.
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In the information given to the stock market, Reliance Industries said that after the completion of this deal, IMG-Reliance will become fully a subsidiary of Reliance. The name of this joint venture brand will be changed after the completion of this deal. Let me tell you that IMG Singapore Pte Ltd, a subsidiary of International Management Group, has a 50 percent stake in this joint venture.
The deal was done in 2010
Reliance Industries formed a joint venture with IMG Worldwide in the year 2010. The purpose of this venture was to develop, market and manage the sports and entertainment business in India. The IMG group is in sports, events, media and fashion business in more than 30 countries. It is part of the Endeavor network. It has been said in the information that the company has made a firm agreement to acquire the shares of IMG Singapore Pte Ltd in IMG-R. The deal will be for a maximum of Rs 52.08 crore.
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Many events organized
IMGR has organized many events in Sports and Entertainment segment in India. Lakme Fashion Week in India has been organized on this behalf. Apart from this, it also collaborated in the event with Basketball Federation of India, All India Football Presentation, Hero India Super League and Maharashtra Open.
The venture was in profit
The business of this joint venture was spreading rapidly in India. Its total turnover was 181.70 crore and net profit was 16.35 crore in FY 2019-20. Its net profit was 19.25 crore in the financial year 2018-19.
