New Delhi: Reliance Industries Limited (RIL) has entered into definitive agreements to acquire the shares held by IMG Singapore Pte Ltd in IMG-R, for a cash consideration not exceeding Rs 52.08 crore.
“The company has entered into definitive agreements to acquire the shares held by IMG Singapore Pte Ltd in IMG-R for a cash consideration not exceeding Rs 52.08 crore. Post the completion of acquisition, IMG-R will become a wholly-owned subsidiary of the company and will be rebranded by the company,” RIL said.
IMG Reliance Limited (IMG-R) is engaged in the business of creation, management, implementation and commercialisation of sporting, fashion and entertainment events in India.
IMG-R is a joint venture between IMG Worldwide LLC (IMG) and the company. IMG Singapore Pte Ltd, a wholly owned subsidiary of IMG, holds 50 per cent of the share capital of IMG-R.
IMG-R had 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), and 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.
No governmental/regulatory approvals are required for the aforesaid acquisition and the acquisition is expected to be completed during this calendar year. The acquisition does not fall within related party transactions and none of RIL’s promoter/promoter group/group companies have any interest in the transaction.