India's largest private sector company Reliance Industries Limited (RIL) and IMG, the world's leading sports marketing and management company, today announced an equal joint venture to dvelop, market and manage sports and entertainment in India. The venture, IMG Reliance Pvt Ltd, will have parallel complementary strategies: to provide and operate world class infrastructure and coaching facilities in the country to unlock India s sporting potential and to create and operate major sports and entertainment assets in the country.
A press release from the company said the senior management teams of the two organizations led by their respective Chairmen Mukesh Ambani and Ted Forstmann had formulated clear ambitions and strategies for the new company. It said IMG Reliance would harness IMG s international expertise gained in over 50 years in the business of sport, entertainment and celebrity management with RIL s expertise in the domestic market, strategic planning and flawless execution.
According to the release, as part of the joint venture's immediate initiatives, it would set up, under the auspices of The Reliance Foundation, the recently formed corporate social responsibility initiative of Reliance Industries, state-of-the-art sporting academies to provide world class coaching and training facilities for Indian sportsmen and sportswomen. The required infrastructure investment will be provided by The Reliance Foundation. IMG owns IMG Academies (IMGA) in Bradenton, Florida the world s leading sporting and educational institution which has many alumni who have pursued successful professional sporting careers on the world stage. IMGA will provide management knowledge and coaching skills transfer to the management and coaching teams of the academies in India which will be managed by the joint venture.
In parallel to the development of the academies in India, a scholarship programme will be initiated which will identify talented Indian athletes who will be provided with full sporting and academic scholarships to IMGA in Florida. Additionally a fully-funded programme to develop Indian coaching potential will be initiated in preparation for the opening of the academy in India once construction is completed.
The release said the joint venture would develop new sports and entertainment assets in India modeled on the sporting, commercial and investment structures of such assets in mature sports and entertainment marketplaces. It said plans were underway to create India s first Super Agency which will offer 360 degree management to celebrities from the worlds of sport, Bollywood, fashion and which will develop, own and operate assets in these sectors.
