Reliance Industries Ltd (RIL) recently entered into definitive agreements to acquire the shares held by IMG Singapore Pte Ltd in IMG Reliance 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.Reliance Industries Ltd (RIL) recently entered into definitive agreements to acquire the shares held by IMG Singapore Pte Ltd in IMG Reliance 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.#
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.
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