IMG-R to be rebranded as Reliance to takeover its 50% stakebusinessUpdated: Dec 25, 2020, 08:39 ISTReliance Industries Limited (RIL) has come into a definitive agreement to acquire 50 per cent shares of IMG Singapore Pte. Ltd in IMG-Reliance Ltd for not more than Rs 52.08 crore, as per reports on the company’s regulatory filing. RIL plans to rebrand the IMG Reliance as its completely owned subsidiary post-acquisition of 50 per cent shares held by the wholly-owned subsidiary of IMG, the MG Singapore Pte. IMG-R is a joint venture between RIL and IMG Worldwide to develop a platform for promotion and marketing of sports, entertainment and fashion in India. Net Profit reported by the company was Rs 16.35 crore in FY20, Rs 19.25 crore in FY19 and Rs 15.82 crore in FY18.

Source: Hindustan Times December 25, 2020 03:10 UTC