RIL’s 50 per cent acquisition in Singapore JV increases share prices

Reliance Industries (RIL) share prices rose 1.01 per cent to Rs 2014.05 after the company announced plans to acquire 50 per cent shares held by IMG Singapore in IMG-Reliance, for a cash consideration not exceeding Rs 52.08 crore. As per a Business Standard report, Reliance entered into definitive agreements to acquire the shares held by IMG Singapore in IMG-R, for a cash consideration not exceeding Rs 52.08 crore. This acquisition will make IMG-R a wholly-owned subsidiary of the company and will be rebranded by the company. IMG Reliance (IMG-R) is a joint venture between IMG Worldwide LLC (IMG) and Reliance Industries.

IMG-R is engaged in the business of creation, management, implementation and commercialization of sporting, fashion and entertainment events in India. The company recorded a turnover of Rs 181.70 crore and a net profit of Rs 16.35 crore in FY2020.

RIL is India's largest private sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.