One of the biggest Indian multinational conglomerate company is Reliance. They are into several industries and different product lines. IMG is recognized as International Management Group which is a company known for global sports, events, and talent management company headquartered in New York City. IMG is referred to as the global leader for entertainment, sports, and fashion.
IMG World wide’s 50% stake in sports management JV for Rs 52.08 crore is acquired by Reliance and is now the company is rebranded as IMG-R. It is a joint venture between IMG Worldwide LLC (IMG) and IMG Reliance Limited (IMG-R). The 50% of the share capital of IMG-R is a wholly-owned subsidiary of IMG Singapore Pte. Ltd.,
There was a turnover of Rs 181.70 Crore (including GST of Rs 25.79 Crore), Rs 195.55 Crore (including GST of Rs 28.95 Crore), and Rs 158.26 Crore (including GST of 20.71 Crore) by IMG-R; and they had a Net Profit of Rs 16.35 Crore, Rs 19.25 Crore, and Rs 15.82 Crore in FY 2020, FY 2019 and FY 2018 respectively.
The acquisition is expected to be completed within this calendar year and the company also said that there is no requirement for Governmental or regulatory approvals for the aforesaid acquisition. It also added that the acquisition is not falling within related party transactions and none of RIL’s promoter/promoter group/group companies have any interest in the transaction.
Steps have been taken by IMG Reliance to develop sports and fashion through several ventures. The Hero Indian Super League, Tata Open Maharashtra licensing and consulting projects as well as talent representation and management are some of the ventures of IMG-R. They also host India’s most glamorous event, the Lakmé Fashion Week as a contribution to the fashion industry.