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.