MUMBAI : Reliance Industries Ltd (RIL) has entered into a definitive agreement to acquire 50% shares held by IMG Singapore Pte. Ltd in IMG-Reliance Ltd, for a cash consideration not exceeding ₹52.08 crore, the company said in a regulatory filing today. IMG Singapore Pte. Ltd., a wholly owned subsidiary of IMG, holds 50% of the share capital of IMG-R. Post completion of acquisition, IMG-R will become a wholly-owned subsidiary of RIL and will be rebranded by the company, RIL said. IMG-R recorded a turnover of ₹181.70 crore, ₹195.55 crore and ₹158.26 crore; and Net Profit of ₹16.35 crore, ₹19.25 crore and ₹15.82 crore in FY 2020, FY 2019 and FY 2018 respectively.

Source: Mint December 24, 2020 16:06 UTC