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.