Reliance Industries Ltd (RIL) has entered into a definitive agreement to acquire 50% shares held by IMG Singapore Pte. Ltd in IMG-Reliance Ltd, for a cash consideration not exceeding Rs 52.08 crore, the company said in a regulatory filing on Thursday.

IMG Singapore Pte. Ltd, holds 50% of the share capital of IMG-R. Post completion of the acquisition, IMG-R will become a wholly-owned subsidiary of RIL and will be rebranded by the company, RIL said.

RIL will rebrand the company after the closure of the deal. RIL had formed an equal joint venture with IMG Worldwide, an international sports marketing and management company, in 2010 to develop, market and manage sports and entertainment in India.

IMG is a global leader in sports, fashion, events and media, operating in more than 30 countries, and is a part of the Endeavor network. IMG-R is engaged in the business of creation, management, implementation and commercialization of sporting, fashion and entertainment events in India.

''No governmental or regulatory approvals are required for the aforesaid acquisition and the acquisition is expected to be completed during this calendar year,'' said RIL, adding that the acquisition does not fall within related party transactions and none of RIL's promoter or promoter group companies has any interest in the transaction.

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