IMG-R was began in 2010 as a joint venture involving IMG and RIL, is now a major firm working to market and create sports, entertainment and style in India.
Mukesh Ambani-led Reliance Industries Limited will be growing its stake in IMG-Reliance Ltd, by getting out IMG Worldwide LLC from the sports management enterprise. The transaction will expense RIL not more than Rs 52.08 crore, the oil-to-telecom conglomerate mentioned in a regulatory filing. “IMG Reliance Limited is a joint venture between IMG Worldwide and the Company. IMG Singapore Pte. Ltd., a wholly-owned subsidiary of IMG, holds 50% of the share capital of IMG-R,” RIL mentioned. RIL mentioned that the acquisition is anticipated to be completed for the duration of this calendar year.
“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 INR 52.08 Crore. Post completion of the acquisition, IMG-R will become a wholly-owned subsidiary of the Company and will be rebranded by the Company,” RIL mentioned.
IMG-R was began in 2010 as a joint venture involving IMG and RIL, is now a major firm working to market and create sports, entertainment and style in India. IMG-R has worked towards building these segment in India by means of many ventures, such as The Hero Indian Super League, Maharashtra Open (Formerly the Aircel Chennai Open). IMGR also host the glamorous occasion Lakme Fashion Week in India. IMG-R has also collaborated with the Basketball Federation of India and the All India Football Presentation.
The most current accolade of IMG-R has been winning the worldwide mandate to marketplace Cricket Australia’s ‘Virtual Inventory’ rights, following a competitive bid approach in November this year. “IMG-Reliance will be the exclusive global agency for Cricket Australia to bring on board brand partners for the virtual inventory that features in the television coverage available to viewers outside of Australia, including the Indian subcontinent,” IMG-R mentioned following winning the rights.
IMG-R had a turnover of Rs 181.70 crore and a net profit of Rs 16.35 crore in the earlier monetary year. The firm has reported a net profit of Rs 16.35 crore and Rs 19.25 crore in the earlier two monetary years.
RIL mentioned that no governmental or regulatory approvals will be essential for the aforesaid acquisition, adding that the deal does not fall inside connected celebration transactions and none of RIL’s promoter or promoter group businesses have any interest in the transaction.