Reliance Industries seals IMG stake buy

Reliance Industries Ltd (RIL) has started to consolidate its sporting and fashion franchises. The oil-to-telecom conglomerate has completed the acquisition of the sports joint venture — IMG Reliance Limited (IMG-R), — following which the latter will become its subsidiary.

Last week, RIL had announced that it is buying out IMG Worldwide LLC from the joint venture for Rs 52 crore. “The company has, on December 28, completed the acquisition of equity shares of IMG-R. The holding of the company along with IMG-R in Football Sports Development Ltd (FSDL) is 65 per cent and FSDL has become a subsidiary of the company,” RIL said.