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Reliance Industries Ltd (RIL) not long ago entered into definitive agreements to obtain the shares held by IMG Singapore Pte Ltd in IMG Reliance Ltd (IMG-R), a joint enterprise in between IMG Throughout the world LLC and RIL, for a funds thing to consider not exceeding ₹52.08 crore. Article the acquisition, IMG-R will become a wholly-owned subsidiary of RIL and will be rebranded, RIL mentioned.

IMG-R is engaged in the business of development, management, implementation and commercialisation of sporting, fashion and entertainment gatherings in India.

IMG Singapore Pte Ltd, a wholly owned subsidiary of IMG, holds fifty per cent of the share funds of IMG-R.

No governmental/regulatory approvals are needed for the aforesaid acquisition and the acquisition is envisioned to be completed during this calendar calendar year, RIL mentioned in a corporate announcement.

Fibre2Fashion Information Desk (DS)

Reliance Industries Ltd (RIL) not long ago entered into definitive agreements to obtain the shares held by IMG Singapore Pte Ltd in IMG Reliance Ltd (IMG-R), a joint enterprise in between IMG Throughout the world LLC and RIL, for a funds thing to consider not exceeding ₹52.08 crore. Article the acquisition, IMG-R will become a wholly-owned subsidiary of RIL and will be rebranded.