New Delhi: Billionaire Mukesh Ambani’s Reliance Industries Ltd. (RIL) has agreed to buy out IMG Worldwide LLC from their joint venture from their sports management joint venture for Rs. 52.08 crore.
The nation’s biggest sports company by market value said it will buy out IMG Worldwide’s 50% stake in their joint venture for Rs. 52.08 crore. RIL will rebrand the company after the closure of the deal. RIL had formed an equal joint venture with IMG Worldwide.
RIL had formed an equal joint venture with IMG Worldwide, an international sports marketing and management firm in 2010 to develop, market and manage sports and entertainment in India. IMG is a global leader in sports, fashion, events and media, operating in over 30 countries, and is a part of the Endeavor network.