<p class="bodytext">Reliance Industries Ltd has completed the acquisition of IMG Worldwide LLC's stake in their sports management joint venture IMG Reliance Ltd (IMG-R).</p>.<p class="bodytext">"The company has, on December 28, 2020, completed the acquisition of equity shares of IMGR. Accordingly, IMG-R has become a wholly-owned subsidiary of the company," Reliance Industries said in a regulatory filing.</p>.<p class="bodytext">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.</p>.<p class="bodytext">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.</p>.<p class="bodytext">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.</p>.<p class="bodytext">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.</p>.<p class="bodytext">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.</p>.<p class="bodytext">RIL shares were trading down 0.49 per cent at 1,979.40 in early session on BSE.</p>
<p class="bodytext">Reliance Industries Ltd has completed the acquisition of IMG Worldwide LLC's stake in their sports management joint venture IMG Reliance Ltd (IMG-R).</p>.<p class="bodytext">"The company has, on December 28, 2020, completed the acquisition of equity shares of IMGR. Accordingly, IMG-R has become a wholly-owned subsidiary of the company," Reliance Industries said in a regulatory filing.</p>.<p class="bodytext">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.</p>.<p class="bodytext">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.</p>.<p class="bodytext">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.</p>.<p class="bodytext">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.</p>.<p class="bodytext">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.</p>.<p class="bodytext">RIL shares were trading down 0.49 per cent at 1,979.40 in early session on BSE.</p>