Mukesh Ambani-led Reliance Industries and sports marketing giant IMG Worldwide entered into an equal joint venture to build a professional sports business in India, which is expected to give a boost to the country's sporting arena.
IMG owns the IMG Academies in Bradenton, Florida, which educates and trains young athletes in the world in golf, tennis among other sports. Developing athletic talent is a key component of the IMG-Reliance venture.
IMG Academics will provide management knowledge and coaching skills to the management and coaching teams of academies in India which will be managed by the joint venture entity.
The JV entity would initiate a scholarship programme which will identify talented Indian athletes who will be provided with full sporting and academic scholarships to IMG Academics in Florida.
IMG has already played a major role in the development and operation of the Indian Premier League cricket venture. The event management company played a vital role in turning the Twenty20 league into a global cricketing force.
Operating in 30 countries, IMG Sports & Entertainment's diverse businesses include product and brand licensing, consulting services, event management, and has client representation in golf, tennis and soccer among other sports.
Earlier in 2008 IMG Worldwide Inc, the sports-marketing powerhouse, has struck a 20-year deal with China's national TV broadcaster that gives the US company the right to develop and market new sports events in that country.