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.
RIL had formed an equal joint venture with IMG Worldwide, an international sports marketing and management company, in 2010 to develop, market and manage sports and entertainment in India.
IMG is a global leader in sports, fashion, events and media, operating in more than 30 countries, and is a part of the Endeavor network.
IMG-R is engaged in the business of creation, management, implementation and commercialisation of sporting, fashion and entertainment events in India. IMG-R had a turnover of Rs 181.70 crore (including GST of Rs 25.79 crore) and a net profit of Rs 16.35 crore in FY20.
RIL shares were trading down 0.49 per cent at 1,979.40 in early session on BSE.