Reliance Industries Limited (RIL) has entered into definitive agreements to acquire the shares held by IMG Singapore Pte. Ltd in IMG-R, for a cash consideration not exceeding Rs. 52.08 crores. 

 

Post completion of acquisition, IMG-R will become a wholly-owned subsidiary of the company and will be rebranded by the company.

 

IMG-R had a turnover of Rs. 181.70 crores (including GST of Rs. 25.79 crores), Rs. 195.55 crores (including GST of Rs. 28.95 crores) and Rs. 158.26 crores (including GST of Rs. 20.71 crores); and net profit of Rs. 16.35 crores, Rs. 19.25 crores and Rs. 15.82 crores in FY2020, FY2019 and FY2018 respectively.

 

No governmental/regulatory approvals are required for the aforesaid acquisition and the acquisition is expected to be completed during this calendar year. The acquisition does not fall within related party transactions and none of RIL’s promoter/promoter group/group companies have any interest in the transaction.