Reliance Industries, led by billionaire Mukesh Ambani, has made another acquisition. Sorts Management Joint Venture, a joint venture with IMG Worldwide LLC, owns IMG-R. Reliance bought a 50 per cent stake in IMG Worldwide for Rs 52.08 crore. This was stated in a filing with the Reliance Stock Exchange. The deal was done entirely in cash. Reliance will rebrand IMG R once the deal is completed.
Reliance-IMG Worldwide launched a joint venture in 2010 to develop, manage and market the sports-entertainment sector in India. Since then the company has organized and promoted a number of sporting events in India. 'We have entered into an agreement with that company to purchase the shares. We will buy a stake in IMG Singapore Pte not exceeding Rs 52.08 crore. We will rebrand the company after this deal.
It does not require any clearances as it is a pre-arranged agreement, ”Reliance said. IMG-R is currently trading at Rs 181.70 crore per annum including GST. Of these, net profit stood at Rs 16.35 crore.
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