MUMBAI: The sports ambitions at the Mukesh Ambani-headed Reliance Industries continue to grow. In the latest announcement, it is set to change the name of its Indian joint venture with the Mark McCormack founded firm International Management group (IMG), IMG Reliance. This will happen post its acquisition of the 50 per cent shares held by IMG Singapore in the Indian operation.
Reliance informed regulators that it will be paying out not more than Rs 52.08 crore for the acquisition.
The duo had set up IMG Reliance to build a platform to help market sports, fashion and media and entertainment in India.
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.
