Mukesh Ambani-led Reliance Industries will acquire 50 per cent shares held by IMG Singapore Pte. in IMG-Reliance (IMG-R), for a cash consideration not exceeding Rs 52.08 crore. Post completion of the acquisition, RIL will rebrand sports and fashion joint venture IMG-R as its completely owned subsidiary.
The details of the deal are as under:
Announcement Date: 24-Dec-2020
Completion Date: 29-Dec-2020
Name of Client: Reliance Industries Limited
Acquirer Details: Reliance Industries Limited | India
Reliance Industries Limited is an Indian multinational conglomerate company. Reliance owns businesses across India engaged in sports and entertainment, energy, petrochemicals, textiles, natural resources, retail, and telecommunications
Deal Description: Acquisition by Reliance Industries Limited of the entire shareholding held by IMG Singapore Pte. Ltd. in IMG Reliance Limited, a joint venture between Reliance Group and IMG Group that is engaged in the sports and management business for a cash consideration of INR 52.08 crore (USD 7.17 million).
Total Consideration: USD 7.17 million
Team Members: Rahul Dutt (Partner), Shantanu Gupta (Partner), Saumya Kakar (Senior Associate), Virali Nagda (Associate)
Role of Firm: Legal counsel:;
Other legal advisors if any with names of Lead Lawyers: Shardul Amarchand Mangaldas & Co represented IMG.
Unique Feature of Transaction: The transaction involved the termination of multiple ancillary agreements signed between IMG Reliance Limited and IMG / its affiliates, execution of certain other ancillary agreements for the transition period post transaction closure and coordination for flow of consideration under these ancillary agreements.