Reliance forms Joint venture with IMG

Submitted by Sunil Kashyap on Mon, 03/15/2010 - 12:21
Reliance forms Joint venture with IMG

Reliance Industries has announced that it is entering into a joint venture agreement with IMG Worldwide for sports and entertainment as the country is offering great opportunities in the segment.

IMG Worldwide is one of the leading sports marketing and management companies in the world. The two firms will have equal stake in the joint venture. It will focus on creating infrastructure along with coaching facilities for sports and managing sports and entertainment assets.

Mukesh Ambani, chairman & MD of Reliance Industries said, "With IMG's five-decade experience, we are embarking on an exciting journey to transform the sporting fabric in the country."

The venture, IMG Reliance will set up facilities like the IMG Academies in Florida, which is among the best sporting and educational institution in the world. IMG will be responsible for management knowledge and coaching skills while the Indian partner will invest in infrastructure.

The company release indicated that the venture will be a one for all facility catering to celebrities from sports, Bollywood and fashion. Reliance Foundation which is a corporate social responsibility unit of the company is also involved in the venture.

The joint venture will take over the projects currently managed by IMG India such as Aircel Chennai Open and Lakmé Fashion Week while its projects with the IPL will still be managed by the existing unit.


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