The Rs 3.33 lakh crore Reliance Industries Ltd (RIL), the country’s biggest company by market cap, has joined hands with global sports major IMG to develop and manage sports infrastructure in India.
The equal joint venture, IMG Reliance Pvt Ltd, will provide and operate infrastructure and coaching facilities to unlock India’s sporting potential. Financial details of the pact were not immediately available.
“World class infrastructure, frugal engineering, technology and scientific coaching are integral part of development of today’s sporting talent globally,” said Mukesh Ambani, chairman and managing director Reliance Industries. “Our joint venture company will actively work with like-minded organisations and invest in developing talented young Indians.”
The immediate priority would be to identify locations to establish sporting academies. “We are planning to establish sporting academies on the lines of the IMG Academies which have been so successful in consistently breeding and training sporting legends,” said Nita Ambani, member on the board IMG Reliance.
“IMG is delighted,” said Ted Forstmann, chairman and CEO of IMG. “The performance of Indian athletes on the national and international stage will improve dramatically with the correct development strategies.”
The mandate of IMG Reliance includes initiating a scholarship programme for athletes, developing domestic coaching potential and creating and operating major sports and entertainment assets in the country. Reliance Foundation, the corporate social responsibilities arm of RIL, will provide the required investment, while IMG will provide management knowledge and coaching skills.