RIL had formed an equal joint venture with IMG Worldwide, an international sports marketing and management company, in 2010.
Indian businessman Mukesh Ambani’s Reliance Industries Ltd has agreed to buy out IMG Worldwide LLC from their sports management joint venture for Rs 52.08 crore. The nation’s biggest company by market value, in a stock exchange filing, said it will buy IMG Worldwide’s 50% stake in IMG-Reliance Ltd for no more than Rs 52.08 crore in cash. RIL will rebrand the company after the closure of the deal. 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.
