Billionaire Mukesh Ambani-led Reliance Industries Ltd said Thursday it has agreed to buy out IMG Worldwide LLC from their sports management joint venture.
India’s biggest company by market value said in a stock-exchange filing it will purchase IMG Worldwide’s 50% stake in IMG Reliance Ltd for no more than Rs 52.08 crore in cash. RIL will rebrand the company after the deal closes.
IMG Reliance was formed in 2020. It is engaged in the business of creation, management, implementation and commercialisation of sporting, fashion and entertainment events in India.
The sports management firm reported total revenue, including goods and services tax, of Rs 181.70 crore for the year through March 2020, compared with Rs 195.55 crore the year before. Net profit fell to Rs 16.35 crore for 2019-20 from Rs 19.25 crore.