RIL to acquire IMG stake in sports & fashion JV IMG-R
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Reliance Industries Ltd (RIL) not long ago entered into definitive agreements to receive the shares held by IMG Singapore Pte Ltd in IMG Reliance Ltd (IMG-R), a joint venture among IMG Globally LLC and RIL, for a money thing to consider not exceeding ₹52.08 crore. Article the acquisition, IMG-R will turn out to be a wholly-owned subsidiary of RIL and will be rebranded, RIL explained.
IMG-R is engaged in the business of generation, management, implementation and commercialisation of sporting, vogue and enjoyment functions in India.
IMG Singapore Pte Ltd, a wholly owned subsidiary of IMG, retains 50 per cent of the share capital of IMG-R.
No governmental/regulatory approvals are demanded for the aforesaid acquisition and the acquisition is anticipated to be accomplished during this calendar year, RIL explained in a company announcement.
Fibre2Fashion News Desk (DS)
Reliance Industries Ltd (RIL) not long ago entered into definitive agreements to receive the shares held by IMG Singapore Pte Ltd in IMG Reliance Ltd (IMG-R), a joint venture among IMG Globally LLC and RIL, for a money thing to consider not exceeding ₹52.08 crore. Article the acquisition, IMG-R will turn out to be a wholly-owned subsidiary of RIL and will be rebranded.
