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The venture, IMG Reliance, will have parallel complementary strategies: to create and operate sports and entertainment assets; and to provide and operate world class infrastructure and coaching facilities to unlock India's sporting potential.

The senior management teams of the two organisations, led by their respective Chairmen Ambani and Ted Forstmann, have formulated clear ambitions and strategies for the joint venture company. IMG Reliance will Elsa Peretti Starfish pendant 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 execution. The JV does not include the Indian Premier League (IPL).

For IMG, the decision to pair with RIL follows its earlier expansion drives into China. In 2008, IMG inked an exclusive 20-year deal with China's national television broadcaster for developing and marketing new sports events there.

The immediate initiatives are:

Under the auspices of The Reliance Foundation, the recently formed Tiffany Cushion Hoop earrings social responsibility initiative of Reliance Industries, state of the art sporting academies will be developed 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 Heart Link earrings in India once construction is completed.

The joint venture will develop new sports and entertainment assets in India modeled on the sporting, commercial and investment structures of such assets in mature sports and entertainment market places.

Plans are 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.

Management of IMG's existing business and assets in India including the Aircel Chennai Open - India's Association of Tennis Professionals (ATP) World Tour event and Lakme Fashion Week (India's premier lifestyle and fashion event) will be transferred to the joint venture.

IMG's responsibilities to the BCCI for IPL will not transfer to the joint venture and will continue to be managed by IMG's international business and executive team.

Said Ambani, "Development of sports and the sporting culture is a social imperative for India in the 21st Century. World-class infrastructure, frugal engineering, technology and scientific coaching are an integral part of development of today's sporting talent globally. IMG has an enviable track record of leveraging these aspects and identifying, training and developing champion talent across disciplines. With IMG's five decade experience, we are embarking on an exciting journey to transform the sporting fabric in the country. Our JV company will actively work with like minded organisations and invest in developing immensely talented young Indians."

IMG chairman and CEO Ted Forstmann said, "IMG is delighted to be joining forces with RIL, the most important company in India. The performance of Indian athletes on the national and international stage will improve dramatically with the correct development strategies. This is what IMG has been doing for 50 years, both at IMG Academies in Florida and many other places around the world. As a consequence, the commercial performance of sport and entertainment in India will be enhanced. IMG firmly believes that in order to build valuable commercial sports, entertainment and media assets it is at first essential to address infrastructural, coaching and accessibility challenges. This joint venture will address these challenges and in time, we anticipate, benefit from the commercial growth that follows."