Reliance Industries Ltd has completed acquiring equity stakes of IMG Worldwide LLC, the Indian conglomerate said on Tuesday. With this, IMG-R has become a wholly-owned subsidiary of the company.

“… regarding acquisition of equity shares of IMG Reliance Limited (IMG-R) from IMG Singapore Pte. Ltd, please note that the Company has, on December 28, 2020, completed the acquisition of equity shares of IMG- R. Accordingly, IMG-R has become a wholly-owned subsidiary of the Company,” Reliance Industries said in a regulatory filing.

Advertisement

“Consequent to the aforesaid acquisition, the holding of the Company along with IMG-R in Football Sports Development Limited (FSDL) is 65% and FSDL has become a subsidiary of the Company,” it added.

Last week, Reliance Industries Ltd (RIL) announced it will buy out IMG Worldwide LLC from their sports management joint venture (JV) for Rs 52.08 crore.

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 0.08j per cent at Rs 1,990.95 on the BSE. Earlier, it had plunged to Rs 1,975.90.