New Delhi: Reliance Industries has completed the acquisition of shares of IMG Reliance from IMG Singapore Pte Ltd. Going forward, IMG R is a wholly-owned subsidiary of Reliance Industries.
The holding of the company along with IMG-R in Football Sports Development Limited (FSDL) is 65 per cent and FSDL has become a subsidiary of the RIL.
The company informed the development in a BSE listing. The sports ambition of Mukesh Ambani continues to grow as IMG Reliance will be soon rebranded.
Previously, IMG and Reliance had joined hands to build a platform to help market sports, fashion and media and entertainment in India.
Reliance has paid not more than Rs 52.08 crore for the acquisition. IMG-Reliance had a turnover of Rs 181.70 crore with net profit at Rs 16.35 crore in FY 2020, Rs 195.55 Crore with net profit at Rs 19.25 crore in FY 2019, and Rs 158.26 crore with net profit at Rs 15.82 crore respectively.