Mumbai Indians owners to expand IMG-Reliance brand worldwide in sports & lifestyle sector

Reliance Industries Limited reportedly has major aspirations when it comes to their IMG-Reliance brand. The company had also bought their partners, IMG Worldwide, for ₹52.08 crores last year, and they are planning to incorporate major changes with it in the coming days. The Indian conglomerate on Wednesday took the first step towards their goal as they announced the rebranding of the IMG-Reliance brand. The company henceforth would have the identity of 'RISE Worldwide Limited' and they will deal with the sports and lifestyle segments in India as well as globally. 

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IMG-Reliance re-branded to RISE Worldwide Limited 

The IMG group has been a part of several lucrative projects in the country. They were the first to win the event rights for the Indian Premier League and have been successfully organising the competition since its inception. However, according to recent reports, The Board of Control for Cricket in India (BCCI) is contemplating managing the IPL 2021 on their own after their alleged fallout with IMG. Moreover, they also have ISL 2021 in their kitty, and the management will be keen to make it a grand success after their re-branding. 

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Apart from the aforementioned associations, the company also manages several top Indian players like Rohit Sharma, Jasprit Bumrah, Hardik Pandya, Krunal Pandya, and many more. Most of the players managed by the firm are a part of the Nita Ambani-owned Mumbai Indians team. With Nita Ambani showing keen interest in developing sports in the country, she could align her aspirations with RISE Worldwide Limited. The company also manages various other intellectual properties such as the Lakme Fashion Week, ATP Tata Open Maharashtra, ATP World Tour event, and many more. 

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The price of Reliance shares saw a minor drop recently. At the time of writing this report, the share was trading at ₹1,844.95, which is down by 1.68% when compared to its previous closing. However, the think tank at Reliance Industries Limited surely seem to have a major plan, and their move of entering into the sports and lifestyle sectors independently could prove to be beneficial for them in the long run. They own and manage several lucrative sporting and non-sporting entities, and the success of Mumbai Indians speaks volumes about their potency. Apart from being the event partners, they also help facilitate sponsorship deals for the IPL franchises, which they are likely to continue for the IPL 2021. 

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Image source: AP