News Analysis India

Tag: Billionaire

  • Pallonji Mistry, father of Cyrus Mistry, passes away at 93

    By IANS

    MUMBAI: Pallonji Shapoorji Mistry, the billionaire realtor and industrialist, and Chairman Emeritus of the venerable Shapoorji Pallonji Group, passed away at his home here late last night, official sources said here on Tuesday.

    He was 93 and is survived by his sons Shapoorji and Cyrus P. Mistry latter, who was in the limelight for the huge corporate tussle with the Tata Group a few years ago, and two daughters, Laila and Aloo the latter wedded to Noel Tata, half-brother of Ratan Tata.

    The Shapoorji Pallonji Group is renowned in the realty and engineering sectors and constructed several landmark buildings like the RBI headquarters, SBI, HSBC, Grindlay Bank, Hongkong & Shanghai Bank and others in south Mumbai, besides other major infrastructure projects.

    The Group had also produced the iconic Hindi film, K. Asif’s ‘Mughal-E-Azam’ (1960), then the most expensive one and till date it reigns among the top popular movies of Bollywood.

  • Another big deal by Ambani, Reliance will buy 50 percent stake in this American sports company

    During the Corona call, the Reliance Company’s deal, which is among the largest companies in the country, is moving towards buying the stake of an American company. Reliance Industries, led by billionaire industrialist Mukesh Ambani, has announced the acquisition of IMG Worldwide LLC’s stake in its sports management joint venture for Rs 52.08 crore.

    According to the market valuation, the country’s largest company, in the information sent to the stock markets, said that it is IMG-Reliance Ltd. (IMG-R) will acquire IMG Worldwide’s 50 percent stake in a cash deal of Rs 52.08 crore. After the completion of this deal, Reliance Industries will do branding of the company afresh. Reliance Industries formed a joint venture with international sports marketing and management company IMG Worldwide in 2010 for equal partnership. This joint venture was for marketing and management of sports and entertainment in the country. IMG is a leading player in the sports, fashion, events and media sectors.

    It has operations in more than 30 countries. It is part of the Endeavor network. The information states that the company has acquired IMG Singapore Pte Ltd in IMG-R. Has made a definitive agreement for the acquisition of shares. The deal will be for a maximum of Rs 52.08 crore.