Reliance Industries Ltd has completed acquisition of IMG Worldwide LLC's stake in their sports management joint venture IMG Reliance Ltd (IMG-R). Accordingly, IMG-R has become a wholly-owned subsidiary of the company," Reliance Industries said in a regulatory filing. Also Read | Ten books from 2020 you must not missLast week, Reliance Industries Ltd (RIL) announced it will buy out IMG Worldwide LLC from their sports management joint venture (JV) for ₹52.08 crore. 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-R is engaged in the business of creation, management, implementation and commercialisation of sporting, fashion and entertainment events in India.

Source: Mint December 30, 2020 02:26 UTC