Reliance Industries Limited (RIL) has come into a definitive agreement to acquire 50 per cent shares of IMG Singapore Pte. Ltd in IMG-Reliance Ltd for not more than Rs 52.08 crore, as per reports on the company’s regulatory filing. RIL plans to rebrand the IMG Reliance as its completely owned subsidiary post-acquisition of 50 per cent shares held by the wholly-owned subsidiary of IMG, the MG Singapore Pte. Ltd, the company said, reported Mint.
IMG-R is a joint venture between RIL and IMG Worldwide to develop a platform for promotion and marketing of sports, entertainment and fashion in India.
Formed in 2010, the company pioneered in sports, fashions, events and media while operating in over 30 countries under the Endeavor Network.
In FY20, IMG-R’s turnover was Rs 181.70 crore while in FY 19 it reported a turnover of Rs 195.55 crore and Rs 158.26 crore in FY18. Net Profit reported by the company was Rs 16.35 crore in FY20, Rs 19.25 crore in FY19 and Rs 15.82 crore in FY18.
“No governmental or regulatory approvals are required for the aforesaid acquisition and the acquisition is expected to be completed during this calendar year,” Mint quoted RIL as saying. The company also said that the acquisition does not come within related party transactions and denied interest of any of its promoter or promoter group companies in the transaction.
RIL on Thursday closed at Rs 1,993.90, rose by 2.58 per cent on BSE.
Source- Hindustan Times.