Reliance Industries Limited (RIL) yesterday entered into an equal joint venture with US-based IMG, the world's most diversified sports, entertainment and management company, to develop, market and manage sports and entertainment in India.
RIL, the country's largest private sector conglomerate by market cap and New York-based privately held IMG, which manages sportspersons like Tiger Woods and Roger Federer, will form a joint venture company, IMG Reliance Pvt Ltd, to provide and operate world class infrastructure and coaching facilities in the country.
Both companies however, did not disclose the financial terms of the joint venture.
IMG, which holds the contract for developing and operating the popular Indian Premier League cricket, will be developing professional soccer and basketball leagues in India through IMG Reliance, say media reports.
IMG's existing business and assets in India including the Aircel Chennai Open, India's Association of Tennis Professionals (ATP) World Tour event and Lakmé Fashion Week, India's premier lifestyle and fashion event will be transferred to the joint venture.
IMG will not be transferring its IPL joint venture with BCCI, which will continue to be managed by IMG's international business.