RIL completes acquisition of IMG Worldwide LLC’s stake in sports management JV

Reliance Industries Ltd has completed acquisition of IMG Worldwide LLC’s stake in their sports management joint venture IMG Reliance Ltd (IMG-R).

“The company has, on December 28, 2020, completed the acquisition of equity shares of IMGR. Accordingly, IMG-R has become a wholly-owned subsidiary of the company,” Reliance Industries said in a regulatory filing.

Last week, Reliance Industries Ltd (RIL) announced it will buy out IMG Worldwide LLC from their sports management joint venture (JV) for Rs 52.08 crore.

The nation’s biggest company by market value, in a stock exchange filing, had said it will buy IMG Worldwide’s 50 per cent stake in IMG-Reliance Ltd (IMG-R) for no more than Rs 52.08 crore in cash.